Trading the GBP - Tips for Now (and Later)

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In a rare event, non-farm payroll data out of the US was released on Tuesday, October 22 due to the prior government shutdown. Non-farm payroll data is usually released on the first Friday of each month, at 8: Realizing when not to trade around the news release is equally important though.

Regardless of if there is news or not, trading when there is very little volatility decreases the chances of a successful trade. Prior to major news releases the market is often fairly quiet, only presenting low-quality trade signals. That was the case before the non-farm payroll data on October forex gbp usd trading strategy While trade signals were occurring, by looking at the overall structure of the price movements there were no high quality signals.

Patience is one of the greatest trading virtues. Anyone can make some winning trades, but it is the ability to avoid the urge to trade when conditions are not right that separate professionals from amateurs. By using a minute chart I am forced to wait at least 30 minutes for a trade signal to occur.

During this time volatility will subside and I am less likely to incur slippage or get stuck in a very sharp move where my risk is unknown. The basic strategy for trading the NFP report involves waiting for a consolidation after the initial wide-ranging bar the news releases causes.

Once there is a consolidation, I trade the breakout from that consolidation. The maximum stop is 30 pips, but can be less. If I am going long and there is a recent low to place my stop behind, I will do that.

If I am going short, and there is a recent high to place my stop behind, I will do that. A typical stop is 20 to 30 pips for this trade. I used a timed exit to get out of the trade, 4 hours after entry. A trailing stop can also be used as well. For example, if you are long, move your stop to below recent swing lows as they occur.

A long trade is taken as the price breaks out of a consolidation entry line marked and a forex gbp usd trading strategy is placed below the recent low stop line marked. While I use a timed exit, I will forex gbp usd trading strategy place a profit target ator pips depending on overall market volatility. I utilize a forex gbp usd trading strategy trading strategy, like the one above, only for major news releases, and if the news causes a strong initial forex gbp usd trading strategy spike.

This shows there is interest and a trend is likely to develop once the initial volatility subsides. If I am stopped out twice in a row on a news trade, the price action is likely too choppy and the strategy is not utilized again that day. Trades are never taken before the news release, only after the news release and only after the price has consolidated showing volatility has dropped and the market is about to choose its direction.

When Not to Trade Regardless of if there is news or not, trading when there is very little volatility decreases the chances of a successful trade. So far the trade is showing about a 35 pip profit. Trading the News Considerations I utilize a news trading strategy, like the one above, only for major news releases, and if the news causes a strong initial price spike.

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Skip to main content. Leave this field blank. Euro zone industrial output was unchanged mom and fell 0. In December industrial output wend down by 0. January retail sales data Dallas Fed President Richard Fisher non-voting, hawkish said short-term currency moves should not drive the Federal Reserve's policy decisions and, for now, the strong dollar and low global oil prices are a net positive for the U.

If the stop-loss is reached we will be ready to get long again at lower levels. Significant technical analysis' levels: Growth this year is forecast to be its strongest in several years at 2. For , the BoE also expects growth of 2. The BoE sees growth in wages by 3.

The BoE said financial markets did not expect the central bank to start to raise rates from their record-low 0. Bank of England Governor Mark Carney said: It's not a good thing if it persists though. It's pretty clear in terms of our central expectation that most likely next move in monetary policy is an increase in interest rates. Investors are starting to factor in a chance of the first hike in about 11 months' time, compared with 12 months before the report was released.

Our target is near the resistance level of 1. The worrying sign is that all the job losses are concentrated in full-time jobs. Full-time employment fell Job participation rate amounted to The jobless rate jumped to 6. The Reserve Bank of Australia said softness in the labor market as one reason why it cut interest rates to a record low of 2. We do not change our forecast that the RBA will not change interest rates in March despite weaker-than-expected jobs report.

Figures from ANZ out this week showed job advertisements in newspapers and on the Internet rose for the eight straight month in January to reach their highest in at least two years. We should also remember that we had very strong employment report in December.

He is likely to present the rationale for the rate cut, and the likelihood of further moves.