But on the other hand to answer your question on selling on the open...8 out of 10 it is typically a bad move. A reason why it could be a trade is if it is based on a VERY strong fundamental reason as it is the case here. With the supposed risk of Scottish independence campaign that is going to a vote. The reason is that if this happens will Scotland refuse to pay its share of the UK national debt and the spark of cross border money flows and trade. Currency markets hate uncertainty as politicians work out the details. If you add the already bearish sentiment growing it could cause a pound sell-of, this will cause investors and traders to hedge their risks. In conclusion, you should have a TRADE PLAN and if it does not include trading at open then you shouldn't. Another example of money management and discipline more important that technical acumen.
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Probably the worlds best currency trader.
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