An interesting trade here and worth an explanation...
GBPAUD had a quick move up prior to UK CPI figures and walked straight into 1.6150 which is just a superb area as seen here:
Usually, I will avoid taking a trade prior to news, however from experience CPI data invariably spikes before retracing and I felt even if it popped higher (and stayed) and I'd have the opportunities to manage the trade and work it to breakeven or a profit. As it turned out, price did spike and then retraced the whole move and worked lower for +28 pips.
Probably my last GBP based trade for the night as PM May is making a key speech in just under 2 hours.
GBPAUD had a quick move up prior to UK CPI figures and walked straight into 1.6150 which is just a superb area as seen here:
Usually, I will avoid taking a trade prior to news, however from experience CPI data invariably spikes before retracing and I felt even if it popped higher (and stayed) and I'd have the opportunities to manage the trade and work it to breakeven or a profit. As it turned out, price did spike and then retraced the whole move and worked lower for +28 pips.
Probably my last GBP based trade for the night as PM May is making a key speech in just under 2 hours.
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