I see a lot of you are looking forward to the news releases tomorrow. For sure they will move the markets, that I can guarantee, BUT be suspicious and ensure that you follow price action.
Here is a classic novice retailer trap based on the BoE QE announcement back in October 2011.
For this reason, I do not trade the news. I do not enter the market prior to a news release and I wait for price to show me well after the news release before I enter the market again.
All I am saying is that you should be cautious with news releases because a lot of the time they are designed to trap the novice retailers.
P.S. Remember there are two currencies in a currency pair. So GBPUSD is not just about the UK and events occuring in the UK. You must also look at the US and the events occuring in the US.
Here is a classic novice retailer trap based on the BoE QE announcement back in October 2011.
For this reason, I do not trade the news. I do not enter the market prior to a news release and I wait for price to show me well after the news release before I enter the market again.
All I am saying is that you should be cautious with news releases because a lot of the time they are designed to trap the novice retailers.
P.S. Remember there are two currencies in a currency pair. So GBPUSD is not just about the UK and events occuring in the UK. You must also look at the US and the events occuring in the US.