No trade. The market was not moving much in anticipation of today’s late afternoon news about the FOMC Rate Decision which was a cut of .25 that news had a negative impact. I should have mentioned the news in yesterdays write up. Tomorrow’s big news will be the Initial unemployment claims to be announced at 8:30 am. The report is expecting 589K more jobs lost. I expect that number will be bigger than reported so I predict that will have a negative impact on the Euro. I do not like trading on the news, it is wild and unpredictable – I have been burnt in the past. This time I will open one lot short sometime before the news announcement and set stops in case the news goes against me. I am not going to risk.
The Pair is currently in a channel. This is a a great setup. Once the price breaks out of this channel in either direction there will probably be a gain of 100 pips or better. So be ready. As you can see in the chart below the bottom has been tested twice and the top has been tested twice. So when it breaks it should be good. There is also an opportunity right now for range trade conditions. As long as we are in the channel when the price tests the channel and reverses that creates a range trade opportunity.
So enter three lots on with a stop and limit of 55 pips
2nd lot with at stop of 75 and limit of 100 pips
3rd lot stop with 100 pips and no limit with a trailing stop of 55 pips
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