Forex blog: Forex Blog by Lloyd - Sterling Pound: 0 Newstrader EA: 3; UK Heading for Recession

Saturday, October 25, 2008

Forex Blog by Lloyd
Scouting for Success in the Forex Market
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Sterling Pound: 0 Newstrader EA: 3; UK Heading for Recession
Today saw the release of the all-important GDP data and the sterling pound market had been seen falling since the start of the Asian session prior to the news releases.
- U.K. GDP Shrinks, First Recession Since 1991 Looms
- Data confirm UK on brink of recession
We entered with the Newstrader EA program for the third time this week in the GBP/USD (cable) market, just minutes before the release of GDP data. It successfully produced another two winners with today's news settings, with the final results at +113 pips.

News event: GBP Prelim GDP
Short GBP/USD @ 1.5748 for +25 & 88 pips

My two cents: Forex markets have been wild and volatile lately. It's indeed scary to enter and trade these markets at time. But with a flexible and automated trading plan in place, my news trading program seems to find its "edge" to excel from time to time. I am happy that I could share it out here.

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