this pair as been ignoring all sell signs i live in uk and our core retail as been shit since covid but some how the whole week they been bullish despite the dollar pushing so now am sure there is something going on with this pair and in due time it will sink deep while Boris does not care due to his newly found relation with Australia. hes copying there style on global trading
I live in the UK too and completely agree with you, but I expect the pound to rise much higher next week. It's crazy.
bossmadep88
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@JorvikPrince, i hope not its going up without cause but has a lot of reason to go down but is being hesitant whys that? manipulation
Jesstradesfx
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I also live in UK. Lost a lot of money on this pair last week. Absolutely ridiculous how bullish it has been. I will be in short positions next week also.. and I’m expecting employment figures to be shit on Monday so hopefully us bears will will recover some losses.
nelsyboy
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@Jesstradesfx, Sorry to hear your trading didn't work out for you last week. Check out my ideas using donchian channel and heikin-ashi candles. I hope you find it helpful.
bossmadep88
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@Jesstradesfx, darn right its obviously getting manipulated like all pairs each day but this pair has no interest in following rules but am still bearish for the next 3 weeks or more
nelsyboy
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Having looked at your chart, all you trend lines are up and price has hit the ichimoku cloud and bounced on two occassions. It's always going to be a buy based on price being above the cloud. Check out my most recent ideas using the donchian channel and heikin-ashi candles. It might help future long term trend trading.
bossmadep88
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@nelsyboy, yeah you are right but this is all technical analysis for us to do but the core problem with retail and housing seems to not be affecting this pair even though the momentum is going up i am still certain its bearish its being manipulated too easy. friday was a perfect example GDP was down 12% UK while US rose but it did not phase the pound.
nelsyboy
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@bossmadep88, i get what you are saying. The big players spend thousands on analysts. They already know what the figures are going to be more or less before they come out. That's why it's no good trading the news. Loads of traders are thinking the same as you now. The obvious popular trade will be a short with a stop just outside the last high. The algos and big players know this and will drive the price higher to clear everyone out before it drops. Even the first drop will probably be a dummy to pick up those traders waiting for the drop and then move price higher to clear them out as well. That's why I trade the way I trade. The long term is far easier to manage. Have lost too much in the early days trying to get on exact point the market turns. It might work some of the time but in the long run, I believe that is a losing strategy.
bossmadep88
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@nelsyboy, thats exactly what am saying so its always going to be like that for day traders bro that is why i only ever use tight stop loss when trading news