Forex Weekly Bias: Bullish Wednesday

By Lawrence

Expectation after Bullish Wednesday.

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  • melvyn August 5, 2016 at 12:21 am

    The bullish Wednesday signal bias for yesterday 04/08/2016 also had a bearish UK Official Bank Rate Bearish Play – which worked out yesterday. How do we decide in such an instance one bearish one bullish? Also can the statistics be reflected say for the past years it has shown 60% occurrence every year, so if this year its gonna work the same so far the 60% of them happening stands at 50%. Hence for the rest of the year the bias for the bullish play will be more in favour cause you have the remaining 10% (for bearish happening) and 40% yet to play out for bullish play… Will it be good as a forecasting tool?

    • Lawrence August 5, 2016 at 11:22 am

      Common sense tells you bank rate decision more important comparing to the generic bias. Remember price is driven by the players involved and BOE decision affects the behaviour of all traders.

      The statistics is a reference point, a way to assist your thinking process. You cannot assume that the 60% happened every year in the past automatically implies the stats will stay the same this year as we do not know what will happen in the future.

      Your best decision would be sticking to your plan as oppose to 2nd guessing or making on-the-fly adjustments to your decision process.

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