Beware of GBP related trade Today
With the voting going on, the GBP is very very volatile today. You need to be a very experienced trader to be able to profit from this volatility. In fact, the whole market is very volatile but the GBP is the most volatile for the day.
Therefore I will urge all readers and students to stop trading GBP for the day. This is based on my experience this morning.
The GBPJPY drop by 2000 pips within 4 candles on the 15 minutes chart and I try to catch on the momentum to trade in the direction with 30 pips stop loss which was triggered out almost within minutes.
It took me sometime to cool down and analyze the chart to see all the possible support and resistance and monitor the candlestick movement to be able to tell what is the next move of the market.
I enter a SELL trade on the EURUSD which is also quite volatile and I set a 30 pips stop loss and the price get closed to 24 pips loss and then reversed to hit my 120 pips target profit which gives this trade a 1:4 risk reward ratio.
Shortly after, I saw this trading opportunity on the GBPUSD and then I enter a SELL trade. The trade was stopped out withing 2 minutes and this shows the volatility of the market. I waited for the price to settle down a while and then enter another SELL trade with 30 pips stop loss and 120 pips target profit.
In the end, the price hit my target profit and again it is a 1:4 risk reward ratio trade.
User of my Forex BTB Signal service should have made this profits as well
If you are using this signals service in the market, please do not follow their advice for this period as most of them are created by amateur traders or even marketers who do not know anything about trading. This volatility can wiped out your account in no time.