British Pound / Swiss FrancUpdated WED 20-20-05 ***TRADE PLAN***
WED 20-20-05 ***TRADE PLAN***
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CONCEPT
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Expoit GBP weakness - lots of weak news for GBP this morning and GBP is already weak.
However, I think the sells are too obvious right now and the market needs to trick people long before continuing down so I think I need to await a pullback.
FOCUS PAIRS
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EURGBP - News at 11:00
GBPAUD - no AUD news today
GBPCAD - News at 14:30
MARKET NOTES
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NZD (strong) and JPY(weak) are the control pairs - should I be trading them...???
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CONCEPT
-------------------------------------------------------------
Expoit GBP weakness - lots of weak news for GBP this morning and GBP is already weak.
However, I think the sells are too obvious right now and the market needs to trick people long before continuing down so I think I need to await a pullback.
FOCUS PAIRS
-------------------------------------------------------------
EURGBP - News at 11:00
GBPAUD - no AUD news today
GBPCAD - News at 14:30
MARKET NOTES
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NZD (strong) and JPY(weak) are the control pairs - should I be trading them...???
Note
Maybe I should keep an eye on NZDJPY...Note
LESSONS LEARNT------------------------------------------------------
I was right on the GBP weakness but I was awaiting pullbacks that never happened. (No point knowing a direction if I cant get in!)
- I under estimated the weakness of GBP
- I pitched the weakest against the strongest so how was a pullback ever going to happen (maybe pitch the weakness instrument against an intermediate)
- I was expecting a pull back and move to target in 12 hours - is that a realistic expectation with an hourly chart? Maybe its a multi-day plan or move to 15 min candles. If multi-day the strengths might change but I'll keep watching to see if my prediction works out
-did I over think it "the trade is too obvious". Yes it was obvious and it worked...
-I want to keep exploring the value of exploiting the LEGACY impact of news
-I tried using alerts and went about my day awaiting an alarm but i'm not sure that works. I could have gotten in on the GBPAUD with the 'goodbye kiss' but i wasn't looking at my charts. Look every hour???
NOTE with relation to the GBPAUD trade I was awaiting a pullback to 'trick' people long. But from the look of the chart it had all ready happened. I was in that trade yesterday and it got me out for breakeven.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.