Hi, its been a very tricky week. I had a couple of days where I advised my forex mentorpro followers to walk away as things were becoming so erratic that it was almost impossible to call on many pairs. Today looked a little better though & I told them I was looking to short the Euro @ 1.3600. This trade is currently + 40 pips as I write this. We also had a good entry on the Nzd/$ & the Aud pulled back to 0.8900 as expected. Due to the volatility though I have recommended them to move stops to entry as soon as possible.
I also said to look to short the Gbp/$ around 1.5285/1.5300. This fired a few hours ago but I was wary because of the impending news. The Gbp has fallen off a cliff & if this mornings revised Gdp news is worse than expected it could drop to the 1.500 area. However forex being the illogical beast that it is it could go up! This is because most of the experts are expecting the news to be worse therefore it could have already been factored in to the current price. What could really tip it over the edge is if this news (09.30 GMT) is MUCH worse than expected. The flip side of course is if the news is better than expected it could shoot back up even if only for today. The best advice if you are going to trade this pair is to wait until this news has been & gone.
Today our guest presenter David Strack gives us his take on the current forex markets. If you would like to know more about the low cost mentor service, where I give daily tips & advice as well as a complete “How to trade Forex” video course for beginners through to intermediate level forex traders then click on the following banner:
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