Trading Plan – Monday 14th December 2020: GBP surges as negotiations continue

Mark NugentDec 2020, Trading Plan

Trading Plan – Monday 14th December 2020: GBP surges as negotiations continue

What a difference a weekend makes. BoJo and Ursula talk nice to each other and instruct their minions to continue the Brexit talks. Meanwhile, over in Paris, the French Finance Minister gives the UK a Sunday morning tongue-lashing. Business as usual. I love it.

My two-way pending order on the GBP works out nicely in the long direction and is currently over 1% up. It remains my position that risks are skewed to the upside for the GBP and now that I am in a trade reflecting this view. I will manage it quite aggressively until there is a Brexit deal and probably beyond. By trading aggressively, I mean I will be adding to the position without necessarily increasing risk. How? By locking in profit via stop loss placement and opening additional positions with the secured funds.

Key risk events this week include the Fed Funds Rate on Wednesday where there may well be additional stimulus. We also have the Bank of England’s Super Thursday where they will no doubt have something to say about Brexit.

As always, I go through my trading focus for the week in the VIP Club member’s video. There is also a brief video of last week’s EURGBP long trade which I closed on Friday night for a gain of 1.3%.

Happy trading. I’ll be back on Wednesday.

Please note this is the last week of trading before Christmas and New Year.

The VIP Club members area is HERE