Beware of GBP Related Trades These Few Weeks
The purpose of this post is to alert all of you here in my blog especially new traders to avoid getting into any GBP related trade like the GBPJPY or GBPUSD.
I bet you guys must have seen the 600 pips movement last Friday on the GBPJPY and GBPUSD within 1 candle. Whenever the market creates such volatility, it will start to go into consolidation for a period of time.
However even when it is in consolidation, the small movement seen on our screen can easily be 40 to 70 pips which means that you can easily be stop out when you enter a trade.
I have record a video to show you the small movement on the GBPUSD and GBPJPY.
Based on my experience, I will say that this volatility can go for 1 to 2 weeks and therefore please try to avoid getting into GBP related currencies to protect your account.
I have received emails from readers telling me that their account got wiped out during that 600 pips movement. Therefore please try to avoid that.
Notice to new trader: Please always try to trade with a demo account when you do not have a reliable strategy on hand or when you are just new to a strategy.