Secrets of the Banks

From my website: AndiamoLireForex.com

Both technicals and fundamentals are necessary to maximise consistent gains in trading in the long run. This is what many professionals do. The following were trades I made recently or are opportunities based on fundamentals and market sentiment.The blog on forex trading strategies will be published at least once a week. Fundamentals revealed through historical and real-time news are key and deserve more attention by traders despite the effort needed. This will pay off with a greater certitude in entering and exiting the markets when forex trading. I use to watch my trades continually with fear and trepidation. Now, I watch them knowing where and why they could move in a certain direction. It takes a while to learn the fundamentals and sentiment of currencies but it's well worth it because it works.

On Friday, May 26th was looking for an opportunity to short the GBPUSD given that there was a narrowing lead for Prime Minister May and her party. This continued to weaken the GBP and all I needed was a strong USD report. I got what I was looking for at 5:30 am Pacific time when the US preliminary GDP report came out stronger than expected. Given the GDP is an important reading for the Fed I thought I would get a good move downward, and I did. I again took the trade off a little early, only 23 pips. I could have held for another 10 easily but I was concerned about people closing their trades early for the weekend. This was not a bad conclusion but a trade towards​ the nearest round number would have been better.