i dont really have a mentor or anyone i can ask questions like this so this is why im asking on babypips.
Can anyone explain what happened with this candle that has huge wicks on both sides on the 1M chart?
whats going on that caused such a huge move?
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Hi, maybe BoE’s Governor Bailey speech it caused a panic on the market, you can check GBP/NZD pair, which is correlating with EUR/NZD (similar situation on the chart) Regards Greg
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I think this is the first time I’ve ever opened a 1-minute chart but I see it on my platform too, 1200hrs UK time.
Whatever was the cause, it says a lot about trading on very short time-frames.
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in a word, “news”
that’s what “news” does to markets
very big, very sudden swings in both directions
this is why you should never have a trade open when there’s a scheduled news announcement coming up
you can get the overall direction right and still get stopped out because prices sometimes swing wildly both ways, just like that
sometimes unscheduled news will do the same, and that’s just unlucky, but at least avoid the ones you can
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