based on price projection and wave theory we had a move down from 8700 to 8550 the next wave down should be of an equal distance to the next support or price equilibrium zone.
some pullback bars currently forming at the 8520 mark, these are typically entry bars used by retail traders to enter a position with a tight stop on a break of the low... hard to say in the afternoon how much more momentum this pair can generate.
Mine was not a pure news trade.....it was more TA, thanks.
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Mine was pure "USD Sentiment" + Carry Trade. After learning that the 10yr USD bond was going up and up, it was only logical to keep buying USD vs eur.
I had shorts at every 25 pips interval starting at 1.2600 downward. Too bad, it was the only orders I had entering the FOMC minutes for a small profit...
Quoting hunter101
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The strength of hte dollar in reaction to the FOMC minutes... Man, i should have taken this one more seriously, blahh!!!
some pullback bars currently forming at the 8520 mark, these are typically entry bars used by retail traders to enter a position with a tight stop on a break of the low... hard to say in the afternoon how much more momentum this pair can generate.
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Yup, I would not leave this open with NY ending, and heading towards Asia....I'm probably cutting it here in a miute....up around 30 pips
some pullback bars currently forming at the 8520 mark, these are typically entry bars used by retail traders to enter a position with a tight stop on a break of the low... hard to say in the afternoon how much more momentum this pair can generate.
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Why would you keep your position long after the news comes out? Most news traders only keeps their position for about 1-3 minutes after the news comes out. Keeping the position out long can result in retrace, which means that hte price moves back to the market level prior to the news. News traders are in it to follow the move and grab as much pips as we can get.
didnt mean for long move only shorting the pullbacks or retracements for another leg down but at this time i was saying it might not materialize due to the timing. There different ways to trade news doesnt have to be 1to3 min trade I have just used it to build into my short swing trade by adding an additional lot on price retracement prior to new release. Anticipating a move down based on previoud trend.
