JUDGEMENT DAY ON CABLE
Good Morning Platinum Traders,
How are we enjoying the Summer Doldrums so far?
We always say when in doubt stay out and hope that none of you are stuck in any awkward positions, you are free to call us and speak to one of our traders so may we can give you our view on the Currency markets.
The dollar is getting absolutely hammered and it seems like it still has plenty of room left.
We have Judgement Day on Thursday coming up and if you are a Platinum Trader you should Know it is called “No Man’s Land.” If you are planning to trade this Thursday then I would like to give you some basic tips which could help you make it a profitable position should you wish to position trade or even strategically trade the news.
If you are new to trading then the word cable is another term for GBP/USD and if you would learn how to trade this pair and take advantage fill out this consultation form and we shall give you a full blow live trading session with one of our senior traders.
So, what is going to happen with Cable on Judgement Day this Thursday?
The important times and events and their meanings.
If you are trading in the forex markets you should know the important times for your chosen currency pair and a basic understanding of events
Thursday the 3rd of August 2017
Time of Event: 9:30 GMT
Name of Event: Services PMI
The importance of the Event: It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy.
Forecast from Analysts is 53.7
Previous Results were 53.4
To trade the fx news it simple if you have the platinum Trading System then you can trade the 3rd buy or sell level in accordance with the news if you do then for experience purposes trade on your demo account with 20 pips stop loss.
If you see a figure of 54.7 buy on the spot with 20 pips stop loss and aim for +35 pips
If you see a figure of 52.7 Sell on the spot with 20 pips stop loss and aim for +35 pips
Judgement Day Part 1 for Cable begins at 12: OO P.M GMT with the following events
- BOE Inflation Report
- MPC Official Bank Rate Votes
- Monetary Policy Summary
- Official Bank Rate
- Asset Purchase Facility
- MPC Asset Purchase Facility Votes
Judgement Day Part 2 Judgement Day Part 2 for Cable begins at 12:30 P.M GMT with the Speech from Mark Carney
After all the above Fundamental Events and the results have been announced Mark Carney will be holding a press conference along with other MPC Members do discuss the interest rates, inflation report and give some clues regarding future monetary policy. Brexit seems to be on the top of the agenda of the Decision Makers at the present moment in time and with variances still about soft Brexit and hard Brexit and re-voting it is sending more mixed signals than the weather in the up.
What to watch out for in the press conference:
- Is a no change in the MPC Voting and it remains at 3-0-5
- If there is a mention of Gradual Interest Rate hikes
If this the above happens then the Platinum Analysts expect that cable could actually get to 1.3475 very Quickly. This would clearly mean that we should be looking at buying Cable on any dips moving forward.
If we have a vice-versa scenario then we can see cable moving back towards the 1.2800 level
Platinum Analysts Expectations:
We do not see any increase in interest rates in the near term as the economy is just very fragile and the mixed results have clearly shown this over the last few months with all the indecision that the UK is currently facing.
Trade safe and remember the markets are always going to be ready to profit from. Be patient and calm.
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
THE PLATINUM WAY
At Platinum, we teach all individuals from different walks of life to become a full-time trader or create a secondary revenue stream by trading part-time. We trade in an Institutional Way by letting the market come to us and being patient. Using Platinums Trading system you can take many Pips out of the market. We can ensure using this style of trading platforms your trading will make a turnaround as you will become much more consistent.
If you want to trade like the professionals do, making consistently profitable returns from your trading, get in touch with us and we will demonstrate live exactly how we approach the markets.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Trading Floor.