Forex Trading Money Making | EUR/GBP Forex pair | Trading signals #11

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the United States Dollar / Japanese Yen Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the Euro / Great British Pound, as one of the most popular trading pairs in European Forex markets, the pair is therefore considered to be one of the “Majors Pairs“.

For our trading platform, we are going to be using IQ Option, a very reliable and well-designed broker, that for now I only have words of praise.

Now we are going to start off with the Technical analysis and see in which direction are we going to take our trade.

At the moment we are looking at a buying position. Oscillators are barely pointing us in the selling position, whereas the Moving Averages are telling us that we should consider a buying position with confidence.

While we can never be 100% certain about the position we are going to take, at the moment we can be fairly certain that we are going to enter a trade in a buying position.

Let's see if we can find some more information from the chart below.

The market displays a bearish trend, after which some levels of resistance were present. Afterwards, a bullish trend started to emerge, followed by a bearish trend again, which eventually transitioned into a bullish trend again. This can only confuse novice traders, but fear not, it will be a lot clearer soon.

Now it is time to check out the Forex Factory Economic calendar as a part of our Fundamental analysis.

Open up the Forex Factory Economic calendar and let's set it up so that it only shows relevant news.

We only need the information associated with the Euro / Great British Pound and as such everything else would be redundant.

There are A LOT of economic events today that are going to influence our Forex pair but we are only going to give special attention to the following:

1. Eurogroup Meetings (EUR)

2. Consumer Inflation Expectations (GBP)

3. German Buba President Weidmann Speaks (EUR)

Eurogroup Meetings (EUR) - The Eurogroup coordinates economic policies of the 19 euro area member states, and their initiatives and decisions can have a widespread effect on the Eurozone's economic health; They discuss a range of financial issues, such as euro support mechanisms and government finances.

Consumer Inflation Expectations (GBP) - Another quarterly report from Bank of England, this one tells us the percentage that consumers expect the price of goods and services to change during the next 12 months; As expectations of future inflation can manifest into real inflation, primarily because workers tend to push for higher wages when they believe prices will rise;

German Buba President Weidmann Speaks (EUR) - ECB Governing Council members vote on where to set the Eurozone's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy; Deutsche Bundesbank President is believed to be one of the most influential members of the council

Don't forget to use the promo code #SHIVINVEST when you sign up for a Tools Trades account in order to receive additional free trading signals.

At last, we should obtain a trading signal from Tools Trades so that we can open a trading position. Trading signals can come in handy in situations where the lines are blurred.

The signal we generated from Tools Trades told us that a buying position would be the most lucrative option for this trade. It also provided us with the Take Profit and Stop Loss values, that will make sure our trade goes smooth.

This trade turned out to be very profitable thanks to the effort we put into our research and the trading signal from Tools Trades we were able to break our previous record and make 3.114.49$!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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