Dynamic Trader Forex Blog FXCPS.co.uk: Warning, Beware !

Good Evening / Morning Dynamic Traders

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

Cross = GBP : 60min Chart (Posted Below)

I do hope that those of you in the "Cable" trade took head, of yesterdays comments

"We have a key resistance above us from previous October, and with both RSI and stochastics showing a higher than normal reading, a breather or reversal could be likely."

At 0700hrs GMT this morning we had a doji top, divergence, MACD crossover and drop in RSI, this was followed by a drop in price of around 400 pips, ouch !

Today (Thursday) we have a number of major news items, with interest rate announcements from GBP, EUR and CAD within 1 hour. This news could have volatility within our cross and been out of the trade may be the better option.

Swing traders should have made a handsome profit this week from this cross and day traders may even have made 200 pips today out of the 400 available using your "Dynamic Traders" Toolbox.

With Friday being NFP in the West of the pond, our involvement with the Cable is completed for now.

Have a well deserved rest for a few extra days, readjust your trading plan, continue with your readings and we will pick up on Sunday evening.