Look on daily chart gbpjpy still on down wave, price having tendencies to bearish pattern and not yet any clue the tred will bend vice versa, seems still many trader chose sell on this pair
BTW, I covered my short GOLD position after the fed meeting. I'll wait to see price action next week.
You are both right. Even during high volatile periods, you must stay focus and trade as usual. Because the tape tells all, whatever the issue (political, central banks...) and you need to trade with your same routines and same money management. But it is true too that events like these must be exploited because they are great opportunities and create panics and euphorias. They are favorable for breakouts, V bottoms or V spikes strategies, pyramid strategies etc. "Go for the jugular" would say Georges Soros. CM
I think still need use stop loss to manage money in high volatile market that many analyst predicted on these momentum, stay focus is good to always up to date with trend movement
FYI: This made me oddly happy they are doing this. Dear Client, Leading up to the Brexit referendum on 23rd of June 2016, INTL FCStone Financial, Inc. deems it necessary to monitor on stricter parameters. The changes in risk parameters are stated below. The changes will be applicable as per business date: 16 June 2016 and will be visible in the risk reports on the 17th June 2016. INTL FCStone Financial Inc., will be charging 200% of Exchange minimum margin in the following cleared futures products: Gold Silver British Pound Eurocurrency The changes are dependent on market conditions and are applicable until further notice. If you require any further information, please do not hesitate to contact your broker. Sincerely, Your team at INTL FCStone Financial, Inc.
Many broker will implemented new rules regarding with brexut time, some broker will increasing margin requirement more than 5 times from normal condition from 20 - 27 june later
Personally I am playing it by not trading the British Pound until things settle down. I am still trading the euro and yen. Having no position is often the best trade imo. GL
I'll be flat immediately before, during and for a little while after the whole process. For me, it's too easy to get the overall direction right and still lose money, with these things. Who needs it?