EURUSD: CPI & FOMC Today. My Advice of Trading News Releases
Today should be a very important day for the EURUSD as we have both CPI and FOMC Meeting minutes coming out for the USD at 8:30am & 2:00pm (NY) respectively. Like many pairs as of late the Euro is currently at a spot right between structure levels where I have neither buying or selling interest. Hopefully today’s releases will push price action to either support or resistance, allowing me to have a much better read on the market for the remainder of the week.
On yesterday’s post I had a good conversation with a trader about predicting news. Whether you should or shouldn’t is completely up to you as a trader, but I do offer this advice to those who are new. Good news doesn’t always equate to a good move and bad news doesn’t always equate to a bad move. Rarely does the market move based on the actual number that is released, more so the interpretation of that number which is what makes trading news a difficult thing to consistently do (unless you’re a longer term trader). If you already have a position on (based off of the technicals) and you decide to hold an extended target because you think that the market may react a certain way, then that’s a different story as I trust that you’re using well planned out trade management techniques. But I would urge you not to try and take a position purely based off a guess, the risk over time well outweighs the reward in my opinion.
For you guys that joined me in yesterday’s Live Room Google hangout, (here’s the recording www.youtube.com/watch?v=SfiGYUGW...) I did get filled the USDCAD that we talked about. This may be a perfect example of what I mentioned above about holding a partial position if you anticipate a certain move.
Akil Stokes
Chief Currency Analysis at Trade Empowered
Click here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
www.youtube.com...MWZqOsvzTF_LGQg?sub_confir...
Facebook: www.facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM
On yesterday’s post I had a good conversation with a trader about predicting news. Whether you should or shouldn’t is completely up to you as a trader, but I do offer this advice to those who are new. Good news doesn’t always equate to a good move and bad news doesn’t always equate to a bad move. Rarely does the market move based on the actual number that is released, more so the interpretation of that number which is what makes trading news a difficult thing to consistently do (unless you’re a longer term trader). If you already have a position on (based off of the technicals) and you decide to hold an extended target because you think that the market may react a certain way, then that’s a different story as I trust that you’re using well planned out trade management techniques. But I would urge you not to try and take a position purely based off a guess, the risk over time well outweighs the reward in my opinion.
For you guys that joined me in yesterday’s Live Room Google hangout, (here’s the recording www.youtube.com/watch?v=SfiGYUGW...) I did get filled the USDCAD that we talked about. This may be a perfect example of what I mentioned above about holding a partial position if you anticipate a certain move.
Akil Stokes
Chief Currency Analysis at Trade Empowered
Click here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
www.youtube.com...MWZqOsvzTF_LGQg?sub_confir...
Facebook: www.facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM
"The Trading Coach Podcast" - Available on your favorite podcasting app!
anchor.fm/thetradingcoachpodcast
anchor.fm/thetradingcoachpodcast