Forex Trading EURUSD H4 (11 Dec 2018)
EURUSD is unable to stay above 1.1400 and price is currently still in a range bound scenario. Will stay at the sideline for this pair today.
Had a few profitable short term trades for GBPUSD and GBPJPY yesterday.
GBPUSD and GBPJPY fell more than 200 pips yesterday after United Kingdom Prime Minister Theresa May’s decision to delay the parliamentary vote on her Brexit plan.
Did not manage to profit on the massive price drop.
Instead, had a few profitable GBPUSD and GBPJPY scalping long positions between 12 to 22 pips. The holding time for each of the trades were less than 10 minutes.
Let’s take a look at forexfactory to see if there are any major impact news (red) for the rest of the day. Note: Time is GMT (+8).
As can be seen from the calendar, Governor of the Reserve Bank of New Zealand, Adrian Orr will be testifying before the Finance and Expenditure Select Committee, in Wellington at 3:15am.
Will be staying away from NZD for today till after the news release.
Trade plan for the rest of the day is to look for short term trades of 10 to 30 pips.
Forex scanner will come in handy today for short term day trades, filtering all 34 forex pairs, screening up to hourly time frame.
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- Calculate your risk before entering any trade. (Good rule of thumb is to risk 1 to 2% for each trade)
- Check for any major news before entering any trade.
- Scan 34 Forex pairs on all time frames to enter the best trade.
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