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Slow, Very Slow!

Friday, October 7, 2016 1:46
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(Before It's News)

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BarroMetrics Views: Slow, Very Slow!

My post this morning to the Ultimate Facebook Group (closed group) Page.

Too slow! I was way to slow!!!
I had 3 minutes to secure an exit at 1.1900 or lower for my GBPUSD short.

But failed to react in time to place the limit order – a market order would have ensured a poor fill.

The buy stops I was counting on to move the GBPUSD – in case of a bullish USD NFP – are now gone. I have just placed staggered orders to exit from 1.20810 to 1.17570, probably won’t be reached, but, I’ll leave them, in case NFP is favourable – but see last paragraph. Orders are good for today.

Stops now down to 1.26370.

The structure of the GBPUSD, short-term, has changed. The stops below the price action are gone, at least for the moment. Given this, to continue moving South, the GBPUSD needs follow-through news from the NFP. Even a neutral figure will probably send the pair North.

Starting at 6:00 PM HK time, I’ll be looking to exit 25% before NFP, if I can secure prices below 1.2150 i.e. I’ll be amending the limit orders I currently have in place from 6:00 PM HK

I attach a chart of the price action from my trading journal.

2016-10-07_07-25-57-gbpusd-s_1

FIGURE 1

The post Slow, Very Slow! appeared first on Ray Barros' Blog for Trading Success.

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