What's going on here on news spike? | Forex Factory

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What's going on here on news spike?

  • #1
  • First Post: Nov 5, 2009 10:01am Nov 5, 2009 10:01am
Hi

I have attached a chart of today's GBDUSD (M1) around 13:00 - please could someone hazard a guess as to what happened in the 13:00 bull candle? I've never seen movement like that in a 1 minute candle before - It's as though some one new I had a buy order right at the top of that candle!!!
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Click to Enlarge Name: gpdusd(m1).gif Size: 12 KB
  • #2
  • Nov 5, 2009 2:46pm Nov 5, 2009 2:46pm
Take a few moments to look at the economic calender here on forex factory. You will find the answer to your question there. But in this case it was an interest rate announcement from GBP.

You should look at the news events for the day prior to trading, events like that can really hurt the bottom line if they hit just as you enter a trade.
  • #3
  • Nov 5, 2009 3:19pm Nov 5, 2009 3:19pm
Quoting magnumfreak
Take a few moments to look at the economic calender here on forex factory. You will find the answer to your question there. But in this case it was an interest rate announcement from GBP.

You should look at the news events for the day prior to trading, events like that can really hurt the bottom line if they hit just as you enter a trade.
So true.


Drewsus: You need to aware of the news even if you're not a news trader. If you have a pre-trading checklist (and if you don't you should), checking for upcoming news should be at or near the top.

We've all been nailed by the news--but we can avoid a lot of it. I use fairly liberal stops so my open trades usually survive. But I avoid having pending orders prior to a high impact event.
  • #4
  • Nov 6, 2009 3:23am Nov 6, 2009 3:23am
Thanks for that!

Just checked out the economic calanedar that Magnumfreak mentioned seems like a nice little tool. On most days, however, there appear to be several peices of news marked high impact (RED) - i don't understand, are you meant to trade around the news?
  • #5
  • Last Post: Nov 6, 2009 3:42am Nov 6, 2009 3:42am
Quoting Drewsus
Thanks for that!

Just checked out the economic calanedar that Magnumfreak mentioned seems like a nice little tool. On most days, however, there appear to be several peices of news marked high impact (RED) - i don't understand, are you meant to trade around the news?
Some people trade during the news but if you're new to trading you're best to avoid it, 15-30 minutes before and after should keep you out of most trouble. Today though is especially high risk with NFP 1:30pm GMT.
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