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Hi everyone welcome back! Ok, it’s not the 1000 rates day for me.. If i really calculate, just considering 5 central banks, per 12 months a year, per more or less, 5 full time years I’ve been around forex market, is just the day 300 for me. I don’t want to ignore or not give the real relevance this decisions will have today in Europe and England, and for the economies of both. My intention is to told you: this is not the last forex trading day in history, this is not the day you will become rich in one trade! Maybe if you have some luck you can grab a good number of pips. But the only think we know for sure today is that we can’t be a 100 % sure where majors will jump to: will Euro rise if they leave rates unchanged thinking the region is finally on the right path, or will it fall apart as trader lost confidence in ECB’spolicy? and what about Gbp? it will be the lowest rate in 300 years!! In a year we moved from 5,75% to 1%: will the Pound become more vulnerable, or like past two month, trigger an upside rally of more than 200 pips as a first reaction? And what to say about Trichet’s speech? Usually each sentence means 20 pips.. jump 20 up jump 20 down, and again and again. I’m a technical player. I will wait for two things: technical important levels to be broken, and at least 30 minutes after the speech is over to make a decision about what to do with market. Of course, that’s just me. But after the storm, the market will be there, and the entry points also for 1000 rates days more. Here is the link for today’s calendar:
http://www.fxstreet.com/fundamental/economic-calendar/
Have a great day!