EURUSD illustration of the choices forex traders got to make prior to a highly anticipated high impact news event. Which choice will you pick? Do you have a consistent approach? Which choice delivers better performance over time?
These describe EURUSD
- ECB to announce interest rate decision tonight. It is a high impact event.
- Market analysts expect ECB to announce tapering also which will be bullish for EURUSD.
- EURUSD is bullish since it is up this week and into third day of gains.
- EURUSD was resisted since the last two weeks.
- There is a Head and Shoulders Pattern in the week chart.
- The week/day is not over yet.
- Go long at market to front run ECB announcement tonight in line with bullishness since the last two days.
- Wait for bullish ECB announcement tonight to push EURUSD over resistance and then jump breakout immediately.
- Place a limit short at or above resistance zone and wait for ECB announcement tonight to trigger.
- Short at market now to front run ECB since EURUSD won’t make it above resistance.
- Look-see only.
- Follow someone else.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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