Tough rest of the week (update about my EURGBP trade)

I wonder if you are going to be trading for the rest of the week?

We’ve got plenty of important announcements… just to name a few:

Thursday:
GBP interest rate announcement
EUR interest rate announcement
CAD Ivey

Friday
CAD Employment change
USD Non-farm payrolls announcement
EUR Draghi Speaks

Source: www.forexfactory.com

So think again, are you going to trade the rest of the week?

I think I’ll patiently wait for Monday…

Now, here is my update about my trade in the EURGBP:

EURGBP

The market looked ok at the beginning of the trade. It broke the resistance level, got rejected from the support level (previously a resistance level). And then… a fundamental announcement changed everything…

I fell like a rock from there.

Definitely wasn’t the image I was expecting to see when I woke up in the morning… but that’s the market. Sometimes fundamental announcements make the market do weird things… And we need to learn to live with that.

It’s part of the game!

And you know something, I’m expecting the same thing to happen on Thursday and Friday… So be careful alright?

So what do you think? Should have waited?

Let me know.

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Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .

  • gracien

    The overriding impact of economic news releases should be factored in every trade calculations to avoid losing trades.  How can we achieve that ?  We stay out of every currency pair that the news release is awaited and even the extended effect of the release also should be considered.

    • Raul Lopez

      Hello Gracien,

      You can be aware of most fundamental announcements, but there isjust no way to know what the market will do after each one of them. 

      You have two possibilities: 

      Close your trades before every announcement, which means that your trade will last 2 – 3 hours at most. 

      Or be aware of them, when possible move your SL levels, or close your trade if the market is too close to your entry level.

      I go with the latter… It’s the inly way to trade the market swings