August 07, 2020 | +28 Pips | Short Term Trading

#1
GBPUSD H4 uptrend is still intact. Please don't make the mistake and think "It is up too much". Sure the price is overbought and like many other traders I expect to see some correction/consolidation but does not mean it cannot go higher first.
profx_07082020_H4.png
profx_07082020_H4.png (53.93 KiB) Viewed 1430 times

Yesterday the price did not do much. Momentum to the upside dried out and the push to the downside did not work as well. My idea was that we might see a wash out in the morning and I used the ProFx signal (M1 chart) for my entry.

profx_07082020_M5.png
profx_07082020_M5.png (44.26 KiB) Viewed 1430 times

GBP did not show much signs of weakness and I moved my SL quickly to BE. A minute later the trade got stopped out at the entry price.

NOTE: Today is NFP day.
nfp.png
nfp.png (4.98 KiB) Viewed 1425 times
Update
Done for the week. I certainly let a lot on the table today but overall I traded very consistent results this week.
profx_today.png
profx_today.png (12.22 KiB) Viewed 1380 times

Re: August 07, 2020 | Short Term Trading

#2
As Keynes said in the 1930s: “Markets can stay irrational longer than you can stay solvent.
Solid advice.

As for NFP... Pick a number between -1M and +4M and you could be an economist :) 'cos no one has any real idea about this one.
Citi 3.0m
SocGen 2.66m
RBC 2.25m
BMO 2.0m
CS 2.0m
MS 2.0m
Scotia 2.0m
Daiwa 1.8m
JPM 1.75m
UBS 1.75m
Wells 1.7m
Mizuho 1.25m
BAML 1.0m
Deutsche 1.0m
GS 1.0m
BNP 800K
Nomura 550K
HSBC 500K
TD 500K
NatWest 200K
Barx 0
Jefferies 0

Re: August 07, 2020 | Short Term Trading

#3
andrew1 wrote:
Fri Aug 07, 2020 7:33 am
As Keynes said in the 1930s: “Markets can stay irrational longer than you can stay solvent.
Solid advice.

As for NFP... Pick a number between -1M and +4M and you could be an economist :) 'cos no one has any real idea about this one.
Citi 3.0m
SocGen 2.66m
RBC 2.25m
BMO 2.0m
CS 2.0m
MS 2.0m
Scotia 2.0m
Daiwa 1.8m
JPM 1.75m
UBS 1.75m
Wells 1.7m
Mizuho 1.25m
BAML 1.0m
Deutsche 1.0m
GS 1.0m
BNP 800K
Nomura 550K
HSBC 500K
TD 500K
NatWest 200K
Barx 0
Jefferies 0
My experience is that it often does not matter if the number is positive or negative for the USD. I love when the number is a surprise because it means volatility but whenever I tried to pick a direction based on positive/negative number I ended up with a loss.

Regarding the numbers you posted....
It's actually funny. All those big players guess like everybody else.
Maybe their employees wire a number on a paper and at the end of the day they put them all in a tombola and....tada...NFP forecast is 1.7 Mio.
cron