Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Market participants are really doubtful about the future of US. Dollar, this can be found from this week’s very low volume of trading. On Thursday we have got important news for the Greenback which can completely change this price action and market conditions.
These words was an excuse for me to write about a great experience and an important tool; “Filtering Your Trades”.
I have written many articles about false breakouts and have noted that you should beware of low volume breakouts. When market goes sideways then any breakouts and trendline breaks should be considered as suspect.
Lack of major news for this week caused a narrow price action and in these cases I won’t take any swing positions. Market is moving up and down and your stops could be reached in these cases very easily and then back to reach your entry, this is very annoying and will have a bad impact on your trading style.
So do it as fast as you can and if you are a professional trader then you should scalp this market. Scalping is more difficult than swing trades so you have to got a plan and experience before doing scalps.
“Breakouts need high volume and correct market timing to be considered legitimate”
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
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