Charts - Thursday 5th March

by Liam 11:38 0 comments EURUSD

Another frustrating day but I stuck to my strategy and got out of a trade before news. Which is what I didn't do yesterday. In the case of today's trade I decided to close the position just before the minimum bid rate announcement. As it turns out, this announcement doesn't really move the market a whole lot. This is evident over the past few announcements as well. I probably could have left the trade running during this period and it would have gone on to hit 1:1 not long before the ECB Press Conference at 1:30. This is definitely a news announcement that a scalper doesn't want to stay in the market for!

EURUSD 15min & 3min

1. Volume zone and starting point for the trade. Entered at the green box as it pushed out of the high of this zone.

The trade idled sideways for quite a while and with a succession of down bars on the 15min I wasn't too confident that it was going to get to my target in time for news. Seeing as I was stopped on Wednesday due to news, I told myself I wanted to be out before it this time.

Closed out for a couple of pips profit and it sailed towards my target when the conference started. It could have easily gone the other way so I was happier to be out and try again today (Friday).

Had a good trade today which i'll put in a separate post.

Cheers,

Liam