Dynamic Trader Forex Blog FXCPS.co.uk: Budget Day

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EURGBP : 60 mins Chart (Posted Below)

Well did you survive "Budget" Day ?

If you take heed of Javid's advice, you would have stayed clear of MAJOR news and waited for the dust to settle. Our aim is to make a calculated decision and reduce the odds of making a wrong one where possible. Sometimes the news will go in your favour but over time it will catch you out.

You will know from the last couple of days we were anticipating a move UP on our cross of the week, and if you look at the day chart you would think your dreams had come true with a Green bar of 178 pips. However !

The budget was due to start at 1230hrs GMT and as mentioned earlier it was best NOT to be in the market at this time.

If we look to the 60min chart below you will see that we were presented with "divergence" and a 123886 which triggered our trade at 1000hrs GMT. Where as the 178 pips would have been nice, using the techniques taught on your "Dynamic Traders" webinars, depending on your traders plan, 80 pips were easily achieved and you were out of the market before midday.

Strangely our midday bar was a doji (change of direction)before we were given the "Budget Bar".

Since then we have now been in a consolidation period and are now to decide having passed through the VI whether we can cope with the new weather ?

The trend lines drawn on the consolidation may yet provide us with some easy pickings using the techniques you hold in your Dynamic Traders bag.

Happy hunting