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Today I want to share with You a setup that each trader should know. I am sure that many are aware of it, but this goes out for those who hasn't noticed yet. It happens over and over again. mostly during important news announcements like the interest rate decision and FOMC.
What normally happens is that before price can go in one directions stops are taken out on the opposite side. To see those levels look at H1 and M15 charts and mark the nearest obvious highs and lows on both sides. Smart money knows where the market will go. It happens within first few minutes of the news release, sometimes within few seconds. If the price action is too volatile, for example, EUR/USD moves 30 pips in few seconds then You won't be able to enter the market. What we can do is to wait for setups that are relatively less volatile. Wait for a price to go quickly pass and then return below the high or above the low that You have marked. You should be able to enter from M1 or M5 time frame. Enter as soon as You see a pin bar or any candlestick reversal pattern. Exit at the opposite side if price action indicates reversal again as more likely it will be true. If price shoots pass the opposite side trail Your SL.
When the price action is too volatile, wait for another opportunity on M1 time frame as more often than not it will come. Then you won't have to be afraid of being stopped out by a sudden spike. In trades like these You may have to enter twice, but the risk reward is far greater than usually.
Another sample from today USD/JPY
What normally happens is that before price can go in one directions stops are taken out on the opposite side. To see those levels look at H1 and M15 charts and mark the nearest obvious highs and lows on both sides. Smart money knows where the market will go. It happens within first few minutes of the news release, sometimes within few seconds. If the price action is too volatile, for example, EUR/USD moves 30 pips in few seconds then You won't be able to enter the market. What we can do is to wait for setups that are relatively less volatile. Wait for a price to go quickly pass and then return below the high or above the low that You have marked. You should be able to enter from M1 or M5 time frame. Enter as soon as You see a pin bar or any candlestick reversal pattern. Exit at the opposite side if price action indicates reversal again as more likely it will be true. If price shoots pass the opposite side trail Your SL.
When the price action is too volatile, wait for another opportunity on M1 time frame as more often than not it will come. Then you won't have to be afraid of being stopped out by a sudden spike. In trades like these You may have to enter twice, but the risk reward is far greater than usually.
Another sample from today USD/JPY