GBPUSD spike supply

Here’s one I entered on the GBPUSD pair at 1.6442. The level was a supply zone and the trade was taken a few minutes before the GBP Consumer Credit and Money Supply announcements. Profit was taken at 1.6610 at near-term support. Always happy with a good profit before the midday lull, so not too bothered if it goes…

USDCAD news spike

Friday’s CADUSD chart shows a regular occurrence. This spike happened during Canadian GDP news. Buyers who had their stoplosses below the prior swing low were taken out. At the same time, breakout traders would have attempted to sell the break of support at the red line. However price quickly returned leaving those traders trapped:   So…