1 Min News StrategyEveryone tells you to stay away from Hot News, my friend, that is where the money is. I know someone who is a millionaire just trading 1 min on News.
In this trading life, I have realized that people like to keep strategies that work secret. I am not that kind of person. I believe opening up a strategy to people helps to even make it better. That is my hope for this strategy too.
How it works:
First of all, this strategy is News based. So you know when to set your entries much before the news time.
Well, let us first review what happens to the markets when economic news is announced. Head over to https://www.forexfactory.com/calendar.php and filter the news to only “High Impact” news and then head over to your chart on MT4 for the respective currency the news is expected to affect.
Chart: GBPUSD Timeframe: 1m
Analysis: That long candle is a one minute candle, 38 pips long and it responded to the GBP news on that day. Everything happens so fast within 1 minute.
So, if the news is tomorrow at 10:00am MT4 time (adjust calendar time zone to match MT4 time zone), pick the currency pair you would like to trade with depending on the news currency, at exactly 09:59:55am MT4 time, set two opposite pending orders (Buy-stop and Sell-stop) 3 pips above and below the current price. (this depends on how volatile that pair is)
I use 5 SL on moderate pairs
Then when the news is happening, you will be able to pick that long candle and take profit 20 pips or more or less depending on the pair and the News you are trading. Some news moves the market much more than others. I have had more success by going back on the chart and seeing how the past similar news affected that pair then I adjust accordingly.
I use an EA for this ofcourse but it can be done manually too
I will share the EA later on depending on how engaging the thread is