- The current candle needs to close as indecision, it looks like indecision now, but it has yet to close.
- The new daily candle should not push higher than 1.1055 .
I see potential for a short if price breaks the 1.0990. Please note that this entry is based on the current open candle
and it can change by the time the candle closes.
The current candle needs to close as indecision. At the moment, the candle looks like indecision now, but it has yet to close.
The new daily candle should not push higher than 1.1055 .
I WILL NOT ENTER THIS TRADE IF IT BREAKS 1.0990 IN THE CURRENT CANDLE
I cannot be more specific. You cannot have a set plan that covers every single possible situation. There are many variables you need to consider when making a decision to exit a trade early or hold it through news. You can only assess those variables, and make a plan, when the ECB decision is near. Here are some examples:
Is the trade in profit, and if so, by how much?
Has price showed signs of stalling before news?
From your research do you expect this news to have an effect?
What is the price action telling you?
Is this time frame strong enough to withstand minor spikes? (this one can be answered and the answer is yes)
Is your stop safe? (this one can be answered and the answer is yes)
Those questions, and so many more unique questions, specific to this particular situation need to be answered. And they can only be answered when the rate decision is close....
...And that wont be for 24 hours.
Ad Maiora. Bye!