Hey we have plenty of fundamental announcements coming up this week. Just to name a few:
Monday (yesterday): AUD interest rate
Wednesday: JPY interest rate
Thursday: GBP and EUR interest rate
Friday: USD Non-farm payrolls, CAD unemployment report
Pretty busy isn’t it?
You know how I handle them, I’ve wrote about it a few weeks ago, what I can say is that I’m just going to trade what I see on the charts, I’m not going to get biased on what I think the market will do based on fundamental announcements, etc.
Do you agree with me?
AUDUSD Analysis, CADCHF Analysis, forex, GBPAUD Analysis
It’s a difficult decision because you never know what could happen over the weekend, most important (unscheduled) announcements are released on Friday or Saturday, when the market are closed, this way the impact on the markets on Monday its much smaller than it would be if it was released on a weekday.
I guess it all depends on your trading style. There is no question, scalpers and short term traders should close every trade before the market close on Friday, it doesn’t matter if you are in a loss.
But longer term traders (such as swing traders, position traders, etc) sometimes need to give more time to the market to hit their take profit order, therefore leaving trades open over the weekend is a must.
So I have a rule, If I’m on green on any trade and able to move my SL at least to the breakeven level, I leave them open.
This is the case of a short I have on the CADCHF:
I have my TP order at 0.7297, around 700+ pips away from where it is currently trading (0.8011). No way I’m going to close it today, I’m just going to wait, move my SL close to the BE level and done, wait for Monday and see what happens.
Have a great weekend!
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CADCHF Analysis, forex, trading
All these crosses are trading in a very clear bearish market condition, and I will be looking for short opportunities and all of them. But you need to remember something, all of them have a degree of correlation, so although I’m looking for trade opportunities on all of them, I will only trade one.
What happens if I take a trade on two of them? I’m likely to get the same result on both of them, and I wouldn’t mind if the market goes on my favor, but what would happen if the market goes against you? I’ll be risking more than I’d like to on a single currency.
That’s the reason I recommend to trade only one of them!
Are you trading these crosses?
CADCHF Analysis, EURCHF Analysis, GBPCHF analysis, USDCHF analysis
The CHFJPY trade was closed yesterday a few hours before the JPY interest rate announcement. I closed it with a loss of 11 pips.
I’m still holding my CADCHF trade, haven’t been able to move my SL order because it is still trading in the range I originally took my trade off:
This trade has been smashed by the announcement, first the CHF CPI, and today the 7.4 earthquake in Japan, luckily it has been rejected from the ST support around 0.9525
CADCHF Analysis, CHFJPY Analysis