Hi, I explained on Sunday to my www.forexmentorpro.com members how I plan my trades for the week ahead and wherever possible place orders at the market open and aim to be finished trading by Wednesday. The following is an update post I made before the FOMC announcement.
I had cautioned members against opening trades after the London market close AND to close any open orders as we would probably be in for a wild ride.
Wow did I get that right!
Huge spikes within seconds of the release (there is a strong suspicion that the results were leaked as there were huge spikes within milli seconds of the announcement).
I also constantly explain how you need to be flexible in your trading. Sunday nights market open was a great example of the two disciplines combined!
Forex Gap Trading
I recorded the forex gap trading session for you. I showed which I took and why and also why I didn’t take some of the others.
There were lots of gaps at the market open and I have previously showed you how to trade them. If you missed it or need a refresher here is a link to my Gap Trading Strategy: CLICK HERE
I also explained in detail Sundays plan why I was looking to trade the Cad for multiple reasons. Its not one of my usual pairs but there were so many reasons to take the trade I placed a forward order. My entry was missed by a pip or so! but as I was trading around that time I entered manually as explained in the video.
The good news for me is that I am now finished trading for the week, barring anything spectacularly interesting AFTER Wednesdays FOMC meeting and press conferences. If there are major moves that halt at major support or resistance that I showed you in Sundays analysis, then I MAY get involved on Thursday morning. If not I will be found sea fishing off the rocks at the bottom of my street 🙂
If you are a new member I usually show you which trades I am looking to trade and why BUT today it is FOMC humungous news which is likely to cause mayhem, best advice is don’t go looking for trouble, do anything but forex until London opens again on Thursday
Here is the video of my “live trades” from the market open. Have a look at my previous blog post to see what I was looking for and why.
Author: Marc Walton