On yesterday’s post I had a good conversation with a trader about predicting news. Whether you should or shouldn’t is completely up to you as a trader, but I do offer this advice to those who are new. Good news doesn’t always equate to a good move and bad news doesn’t always equate to a bad move. Rarely does the market move based on the actual number that is released, more so the interpretation of that number which is what makes trading news a difficult thing to consistently do (unless you’re a longer term trader). If you already have a position on (based off of the technicals) and you decide to hold an extended target because you think that the market may react a certain way, then that’s a different story as I trust that you’re using well planned out trade management techniques. But I would urge you not to try and take a position purely based off a guess, the risk over time well outweighs the reward in my opinion.
For you guys that joined me in yesterday’s Live Room Google hangout, (here’s the recording https://www.youtube.com/watch?v=SfiGYUGWiuM) I did get filled the USDCAD that we talked about. This may be a perfect example of what I mentioned above about holding a partial position if you anticipate a certain move.
Chief Currency Analysis at Trade Empowered
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