Forex Trading EURUSD H4 (8 Nov 2018)

EURUSD did not reach 1.15435 area yesterday, instead, the price is rejected at 61.8% Fib retracement (1.14989) and is currently trading around 1.1428.

Let’s check forexfactory to see if there are any high impact news (red) for the day. Note: Time is GMT (+8).

As can be seen above, there aren’t any high impact news for the rest of today. However, at 3am, there’s 2 high impact news, FOMC statement and Federal Funds rate which can be very volatile.

So how do we plan for today’s trade?

Normally, before any major news release, price will not have significant movement, thus for the whole day today, there’ll only be short term trades aiming at 10 to 30 pips profit. Ideally, to close all trades before 2am. If not possible, will hedge part or full position before the 3am news release.

Trade plan for EURUSD today is to look for potential long position at 23.6% Fib retracement (1.1376) and 1.1335 area for potential 25 pips 1st profit target.

The forex scanner will come in handy today for short term day trade, filtering all 34 forex pairs, screening up to hourly time frame.

Leave a comment below what pairs you are looking at, and entering at what price.

All the best, traders!

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.

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