U.K. jobless claims are projected to increase another 5.0K in February and the ongoing weakness in the labor market may instill a bearish forecast for the British Pound as the fundamental outlook for the region remains clouded with high uncertainty. As the Bank of England keeps the door open to expand monetary policy further, a dismal labor report could spur speculation for more quantitative easing, but it seems as though the Monetary Policy Committee will preserve a wait-and-see approach throughout the first-half of the year as central bank officials expect to see a stronger recovery in 2012.
We will sit on our hands tonight and see how the UK jobless claim comes out. Plus no setups means no trades.
We are traders and masters of risk. When you become pro you stop over analysing and all you do is sit there, and wait, and wait, and wait some more until you find the perfect trade. What I am saying is that the market makes all the decisions. Our only decision is to listen, feel, and respond to the market’s siren. Always and without exception. Remember, the market never lies. It is only we who lie to ourselves.
