So I just made my first couple of S&D trades last night my time (Australian), and they initially seemed to be doing really well. I shorted the EURJPY and the CHFJPY about 20 hours ago from the time of writing. Unfortunately, I woke up this morning to see that everything had been stopped out and went to check the forex factory calendar and noticed there was an FOMC announcement at around the same time as my trades reversed against me - I'm assuming the FOMC news is the kind of news I should be avoiding while trading?
If so, how would you guys have done things differently to me in this exact situation? I can't post screenshots right now as I'm posting this from my phone but I can later on. I know Alfonso says in his videos to either set a closer SL or exit the position entirely in advance of the news (his preferred option), so is that possibly what I should have done? Or should I not have taken the trades in the first place? They did follow all of the rules of entry (trend line was broken, confirmation etc.).
I'll post some charts later if anyone wants to see them. Thanks in advance for the advice!
- Mike
If so, how would you guys have done things differently to me in this exact situation? I can't post screenshots right now as I'm posting this from my phone but I can later on. I know Alfonso says in his videos to either set a closer SL or exit the position entirely in advance of the news (his preferred option), so is that possibly what I should have done? Or should I not have taken the trades in the first place? They did follow all of the rules of entry (trend line was broken, confirmation etc.).
I'll post some charts later if anyone wants to see them. Thanks in advance for the advice!
- Mike
Understanding yourself is synonymous with understanding the markets.