A big day for GBP but a dangerous day too
D-Day for May in Parliament and a hundred and one different outcomes possible. The best trade idea today is to keep safe. There might be hundreds of pips to be made today but there’s also hundreds to be lost too. This isn’t a time for being a hero. This isn’t a time to gamble. This isn’t a time to be greedy. This is a time to focus hard on your trading discipline to make sure you control your trading. We have to understand the volatile nature of this event and make sure that we trade accordingly. If that means sitting out then that’s what we need to do.
So, today I want to change things up a touch. Please feel free to give us your trading ideas as usual but if you are trading the pound, tell us what your safeguards are. Tell us how you’re going to protect yourself. Are you going to sit it out, reduce your trade size, stick to the wider ranges on the higher time frames? Let’s make this a little exercise in detailing some discipline. It might even help you reinforce your discipline by putting it down in black and white.
For all other non-GBP related things. I’m going to be watching USDJPY into 109 with a view to short, and EURUSD is finding 1.15 hard work again. I’m going to be running on much lower trade sizes because there’s may be plenty of spillovers in to other pairs from GBP. I’m more interested in staying safe than making money today.
Good luck today