What is the best way to catch the inevitably falling GBP when the markets open Sunday night GMT? Limit order, timed order, place trade now, some other method? Will the spread be massive by then?
What time GMT do the markets open on Sunday night?
Thx.
What is the best strategy to catch the inevitably falling GBP when the markets open Sunday night GMT? Limit order, timed order, place trade now, some other method? Will the spread be massive by then?
If I place a trade or limit order now and the market gaps upon open, will my trade still get triggered?
What time GMT do the markets open on Sunday night?
Thx.
Mortgage your house and sell.
Or if your serious. Don’t trade it. If you aren’t already in its risky. The pound has been plummeting since January. You don’t think the large banks are aware of the any credit problems the country has?
in my limited experience and newby experience level i’ve noticed that the best way to capitalize on the gap is to wait for it to fill and then enter in the direction of the gap as it recovers back to the gap opening price.
in the case of the cable i’m not sure what to expect on sunday after the moody’s downgrade. the interesting thing to think about is that the downgrade happened on friday afternoon with the asian, london, and sydney markets closed so I think there’s still a big move ahead to the downside when the other markets close out positions and/or enter short.
personally, i’m short, but got in a little late and missed the first 40 pips of the move. I’m looking for a continuation down until monday morning when the US markets get back into the game where i’m expecting to see some countertrend trades create a pullback.
I agree with this. A lot of people will now have the same idea to start selling the pound, it is risky if you’re not already in.
I notice in forex, that the more transparent an outcome is, the more people there are trying to cash in on it …and in turn this makes it more likely that the market will react in an unpredicted way.
by all means trade it if you wish, but if it doesn’t go your way don’t say we didn’t warn ya…
Thanks for your advice. I’ve placed a limit order to trigger if/when the price drops to 1.5150 (currently at 1.5162) but with a stop loss only 10 pips above the opening price, so that if it does unexpectedly go against me I’ll be stopped out before any real damage is done.
Some are saying that with rumours all week about the downgrade, much of the movement has already taken place, but I just can’t see GBP rising on open. Annoyingly, I had a short position open at about 5pm on Fri but decided to close it so as not to hang on to it unnecessarily over the weekend!
Do you think Moody’s made their downgrade announcement so late on a Fri eve to avoid a knee-jerk reaction from the markets?
Thanks for your advice. I’ve placed a limit order to trigger if/when the price drops to 1.5150 (currently at 1.5162) but with a stop loss only 10 pips above the opening price, so that if it does unexpectedly go against me I’ll be stopped out before any real damage is done.
Some are saying that with rumours all week about the downgrade, much of the movement has already taken place, but I just can’t see GBP rising on open. Annoyingly, I had a short position open at about 5pm on Fri but decided to close it so as not to hang on to it unnecessarily over the weekend!
Do you think Moody’s made their downgrade announcement so late on a Fri eve to avoid a knee-jerk reaction from the markets?
you shouldnt place limit orders over the weekend. i had one placed on eur/jyp from thursday and the market jumped up ahead of my order and ran my stop loss X 3,
ouch!
this is the first and LAST time i leave a limit order over the weekend
as for why moody made the announcement so late. im not sure why he did it. but yes, i wouldn’t be surprised if it was to try and limit a mass sell off.