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On July 7, 2015 there was fundamental news concerning GBP. Manufacturing Production (m/m) for the British Economy came out rather disappointing at -0.6% downplaying the forecast of 0.1%. The pound already looked very bearish on the hourly chart.
When the one-hour bar closed following the bad news, it had broken the lower Bollinger Band. I executed a short with a take-profit slightly above the S1 pivot. Gained approximately 10 pips. The short was good for a lot more considering the negative miss of the economic data forecast but I had to be conservative.
In this article we will look into a Bollinger Band (BB for short) trade. Again, if you are not familiar with any concept, please look it up on the Internet. Hopefully, I will find the time some day and create a glossary for us.
On Jun 10 2015 during the Asian session very positive news came out of South Korea in addition to other favorable events for the Asian economies. That caused USDJPY to plummet reaching levels of May's open price (previous month's open price) of around 122.64.
Here I show a Forex trade that was set up yesterday near the close of the New York session. An exhaustion pattern had formed and I set up our short pending order for about 20 pips.
