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Day Trading Forex News GBP/USD 26/08/2011

Today we had the intensely awaited speech from Ben Bernake. Forex traders everywhere were waiting on the words “QE3” and they didn’t get it. Once this happened we saw equities sell off instantly. Both the EUR/USD and the GBP/USD went with it. The GBP/USD spiked into lows and started to bounce and we went long. Candle #1 on the chart was our entry candle on this 1M chart. On this one we took +20 on half and then the last half was closed for +10 pips.

The second trade we took was at point #2 on the chart. If you were watching the EUR/USD at the same time you would have seen the EUR/USD absolutely tanking at that time. However the GBP/USD was still holding above the last major support level, therefore it still was giving a decent entry. Using correlation we knew the GBP/USD had a strong possibly of breaking the lows the same as the EUR/USD did.  We went short during candle #2 and took half of the position off at +20 pips and the last half we closed at +55 pips, thus making it a +35 or so pip day trade overall. Before both of these trade we also had a EUR/USD long that went for +10 pips total. Overall today we took +60 pips. This was a nice close to a week that showed some extremely difficult price action. Patience will always pay off in the end, and today was a good example of that. See you all monday!


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