Saturday, October 21, 2017

Beware of GBP related trade Today

June 24, 2016 by  
Filed under Forex FAQ & Latest Post


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.

GBPJPY1

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

GBPJPY2
This period of volatility is something that an experienced trader can handle only, therefore I strongly urge you guys to stay again from trading for today as the volatility is too great.

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.

Comments

2 Responses to “Beware of GBP related trade Today”
  1. Jenny says:

    Hi Kelvin

    I have entered trade on the GBPJPY today hoping to catch the trend but was stopped out instead.

    I hope that I can be a great trader like you one day. I will be getting your course today.

    Actually I was recommended by Glen who is a student of your course and he told me how good your course is.

  2. William says:

    Hi Kelvin

    Thks for your advice. I am a student of your course as well as your trade copier user.

    Seeing the way you trade simply amaze me, your skills in trading and risk management has totally changed my thinking about trading in the past.

    You are a great mentor and I am glad to have learned from you.

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!