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Oct 26

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My Guilty Pleasure Trade……UK GDP

It seems in the world of  traders everything is black and white………Price Action Technicals vs Fundamentals. Attend the FX Street ITC Conference and there was a bun fight over the very subject. Half the speakers couldn’t give a damn about news and the other half lived off news and the fundamentals. Well today I traded both – smart arse I guess 😉

Look at my chart of GBPUSD today.

The case for the Fundamental Long Trade :  UK GDP figures due out at 09:30.  With the price already well discounted I was looking for good numbers to see a reaction.

The case for the technicals : Price nicely supported on 3 levels : Daily Pivot, 4H Trend Line and a Monthly Key Price of 1.5717……again supporting the long trade. Direction of least resistance was definitely long !

I placed the long trade at 09:25 @ 1.5808. Target 1 for 2/3rds at 1.5850 and 1/3rd at 1.5895. As it happended GDP numbers were double than forecast and price rocketed to T1 in 15mins. So I am at Breakeven on the trade as we speak for the final third and as it’s school holidays and the in-laws are over so having a “half-day off work trade” couldn’t have worked out better.

GBPUSD_GDP News Trade

ciao for now

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Permanent link to this article: http://intradayforextrading.co.uk/2010/10/26/my-guilty-pleasure-trade-uk-gdp/

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