{quote} Noting is fixed in forex market where market moves with the phycology of the cumulative human understandings. We have to adapt the change to be consistent and profitable.
Good that you speak about news,we can relate to this daily,lets see what is driving price later.......economic calendar is set to my timezone GMT -4{image}
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Yes consider the whole week for news. You must know what news is coming at what time. But i suggest to include only GBP and USD news of medium and high impact (Orange and Red) on your watchlist to not get confused of large quantity of news.
In consolidation phase ATR will be low for each pair. After each consolidation there will be a breakout and trending phase. Manually calculated ATR is very hectic process. I found an indicator which auto calculate the ATR. ( Soon i ll share it.)
But we should know the process of market reaction, we watch for low ATR of last day candles ( these candles falls in the consolidation phase), soon after there will be breakout or trending phase that we should jump into and catch the pips.
GU H1 candle closed bullish with 22 pip range for ny 8am open candle previous day range is 68 pips 68/4 = 17 pips
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Ignore the last day range. Adapt the new rule.
One thing every one should feed into his mind to be successful in forex, follow the purpose not the method. Don't be the piper's rat.
GU is already 65 pips up.. Wiiikkks can we move sl to BE in this case?
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Closing or securing a trade is a personal thing because everyone has different account balance and trade risk. Placing a SL at BE at this time is a good option. I personally don't do that because of market makers and my broker. My broker increase the spread at the start of new day.
GU has crossed its daily range now. It will not move up more than that before the opening of London session. Asian session will go for corrective move and London may extend the market tomorrow.
It creates two options, first to close the trade and again open before london session from lower price. Second option is to close the trade tomorrow before NY open.
Option one give more pips but option 2 gives peaceful sleep. I personally prefer 2nd option because i love my bed.
GU has crossed its daily range now. It will not move up more than that before the opening of London session. Asian session will go for corrective move and London may extend the market tomorrow. It creates two options, first to close the trade and again open before london session from lower price. Second option is to close the trade tomorrow before NY open. Option one give more pips but option 2 gives peaceful sleep. I personally prefer 2nd option because i love my bed.
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Thanks master, I will go for option 1 as I have a plus point. London session starts at mid day in my country so I have plenty of time to take trade at correction.
Watch for today's high impact news of FOMC Statement & Fund Rate.
Usually market does not move much before this news. So I don't trade or close the trade before the release of such news.
