GBP/USD Range Bound & EUR/USD Rallies – August 12th 2015
I’m not going to do much ranting today. I just thought I would share with you an interesting article on some recent market manipulation in the equity market. Take 5 minutes, its an interesting read.
Also make sure to check your email tomorrow for the July trade video, where I recap every valid trade taken in July . If you have not seen the video of all the May or June trades then go to the Recent Trades tab on the site. If your not on our email list you can join it by clicking on the moving widget in the upper right hand side of the screen that says “do you know how the banks manipulate traders?”. Make sure to check your junk or spam folder and be sure to mark as “not spam” or “not junk” if it is located there. That will ensure you receive any future emails.
EUR/USD Looking Short Term Bullish
The Euro produced an interesting move today but did not produce an entry. It almost provide a stop run of the highs during the London session but never confirmed down. That is really an important point. We do not take entries just because the market reaches a potential manipulation point…we take trades when the produce a valid stop run from one of those levels. In this case the market never confirmed and therefore no trade. Obviously this was a good thing as the market continued up and would have stopped anyone out who was short.
I’m still looking at keeping my options open on trade direction today. Some of our upper manipulation points are in play from very large previous levels and therefore would be happy to consider the short. On the flip side the market has obviously been short term trending up and therefore I would be just as happy taking a long from any of the lower listed manipulation points.
Tight Range In The Pound
I’ve been talking about this for a while now but I still slightly favor a long on the Pound. The GBP/USD did produce a trade short today from the highs. It was a rather unfortunate outcome as it hit break even by just a few pips before it would have eventually went and hit a full take profit. Unfortunately that is part of being a successful trader and we move on to the next day. As you can see in the chart I still have manipulation points to both sides of the price and although I favor a long I would take any valid setup from any of the listed levels.
Forex News For August 12th 2015
UK Claimant Count Change 4:30 AM Eastern: This is expected at 1K and anything over a 5K deviation +/- from the expected number will create a large spike. For the last 3 months we have seen not only a sizeable spike but also consistent follow through for the next few hours. Expect to see a great deal of movement if the market deviates from the expected.
Want to learn the bank trading strategy, join our weekly live training room, talk to members in our forum, and have access to lifetime support? Learn more by clicking here.