Forex Trading Money Making | EUR/GBP Forex pair | Trading signals #16

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the Australian Dollar / United States Dollar 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 renowned broker that is surely going to have its place on the very top of the Forex market one day.

We are going to analyse the regular trading signal that we generated from the Tools Trades website, break it down into details and see if trading with them is truly reliable.

The trading signal we have received from the Tools Trades website provided us with the trade position and very important values - Take Profit and Stop Loss. We should now consider investing time to look into the Fundamental and Technical analysis so that we can be more confident in the trade that we intend to enter.

We are going to start by checking 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.

We don't have many economic events today that are going to influence our Forex pair and even the ones listed are not only related to the Euro part of the Forex pair. This will not be an issue, so let's take a look at the important ones:

1. French Gov Budget Balance (EUR)

2. Spanish Unemployment Change (EUR)

3. CPI Flash Estimate y/y (EUR)

French Gov Budget Balance (EUR) - A monthly report shows the difference in value between the central government's income and spending for the year-to-date. A positive number indicates a budget surplus, a negative number indicates a deficit. Due to the year-to-date format, the data released in Feb covers the entire preceding year's budget, while the Mar release only covers the first month of the current year;

Spanish Unemployment Change (EUR) - Another monthly report that shows the change in the number of unemployed people during the previous month. Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labour-market conditions;

CPI Flash Estimate y/y (EUR) - This report shows the change in the price of goods and services purchased by consumers. Eurostat bases this estimate on energy prices and 13 euro area member states that report early CPI data. There are 2 versions of this report released about two weeks apart – Flash and Final. The report is extremely early and tends to have a significant impact;

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.

Now we are going to move on to the Technical analysis and see in which direction are we going to take our trade.

So far, everything is pointing us in the selling position. Oscillators are barely pointing us in the selling position, on the other hand, Moving Averages are much more favouring the selling position, which is a lot more important to us.

We now have a fair share of knowledge and we can be more confident that we are going to make the right decision by entering the trade in the selling position.

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

The market was pretty stable for a long time, displaying some minor levels of resistance. At a certain point, a strong bearish trend has emerged. It tried to bounce back, however, the bearish trend has continued. We were able to enter the trade in the perfect moment, before that huge drop in the market.

It appears that the Tools Trades trading signal was very efficient and that the information provided in it was indeed of high quality. This is very important because you don't want to give your trust to a trading signal provider only to be disappointed in the end.

This is hands down one of the most incredible trade so far, I was able to make a 239% profit on a single trade, using the regular signal from the Tools Trades website. Their system has greatly improved over time and thanks to everything we did prior to entering the trade, we were able to make 14.347.90$!

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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