Forex Trading EURUSD H4 (4 Dec 2018)

EURUSD is trying to break above 1.1400. If successful, we can look for short-term long opportunity for EURUSD. Staying at the sideline for now till price breaks above 1.1400.

Just had 2 profitable short term trades today for GBPUSD and GBPJPY.

GBPUSD Price entered around 1.2765, 1st profit target triggered at 1.2800 (35 pips), the remaining position closed at 1.2809 (44 pips), before the BOE Governor Mark Carney speaks at 5:15pm.

GBPJPY Price entered around 144.25 and exit at 144.55 (30 pips), before the BOE Governor Mark Carney speaks at 5:15pm.

The opening and closing of GBPUSD trade took slightly more than an hour, while GBPJPY trade holding time is around 50 mins.

Forex scanner will come in handy for such short term day trades, filtering all 34 forex pairs, screening up to hourly time frame.

Now 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 above, the reason for closing out both GBPUSD and GBPJPY trades before 5:15pm is because of the high impact GBP news at 5:15pm. As there are no more major news for the rest of the day, will look for short term trades between 15 to 35 pips profit.

There’s high impact AUD news tomorrow morning 8:30am, hence if you have opened AUD positions, do make sure your stops or hedge is in place.

Recommended Resources

• Earn Cashback for every lot you trade. (Dad has received thousands of dollars cashback since 2011)
• If you are completely new to Forex or want to learn more advanced strategies, start your Free Forex Education here.
• 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.
• Invest in Bitcoin and Cryptocurrency to diversify portfolio.

Disclaimer:

By viewing any material or using the information within this site, you agree that it is general educational material and you will not hold anybody responsible for loss or damages resulting from the content provided here.

Forex trading have large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them. Don’t trade with money you can’t afford to lose.

No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website or in any of its material. The past performances of any trading system or methodology is not necessarily indicative of future results.