Forex Trading EURUSD H4 (7 Dec 2018)
EURUSD is still currently range bound of around 80 pips. Price is unable to break above 1.1400 nor does it break below 1.1320. Had a profitable 23 pips EURUSD trade yesterday, buying at 1.1353 and took profit 1.1376.
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).
For all experienced traders, without looking at the calendar, we would know that today can be a roller coaster ride due to the non-farm employment news release (every 1st friday of each month).
As we can see from the calendar, there are several major news release (red) today.
First, there’s OPEC Meetings which is held twice per year, usually held in Vienna and are attended by representatives from 15 oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
Next, at 930pm, we have the CAD employment change and unemployment rate. At the same time, there’s also USD non-farm employment change and unemployment rate.
Trade plan for today is to look for short term trades of 10 to 30 pips before 9pm. After which, will stay at the side line till the news release at 930pm and look for trading opportunities.
Forex scanner will come in handy today for short term day trades, filtering all 34 forex pairs, screening up to hourly time frame.
Recommended Resources
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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.
- Invest in Bitcoin and Cryptocurrency to diversify portfolio.
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