I know I have not been talking about this most of the time because who gives a …… ? Fundamentalist , may be , but I am not that kind of trader. I only trade when opportunities put money on the table. That’s where demand and supply come into play. By quantifying it on a Price chart.
Here is today trade which is still open. US session later on will be 1 high impact news on Building Permits data at 21:30 my time. So not that significant but let just see where price will show ( or where smart money or bank traders or Big institution placing their order flow. )
During London session, those English boys back in London traded the EURUSD selling it after the open. Why I know this. IT’s because of this.
Now My plan was to close 50% of my position size at 1.37363. If price reacts and bounce, I probably not bother but awaits if the news will catapult the price lower. From there we’ll see if it gives us extra reward from this Day trading setup!
Obviously, When I saw the supply before the GBP news on BOE minutes, I already decide to sell it when price reach supply. With a firm believe , my quick snapshot that this supply forms inside a 1 hour chart supply, hence there will be no traces of doubt. BUT in case that the price decided the opposite , I already move my SL + 5 below my entry.
So …I will wait…and check again during NY session. … while I do that, I might as well continue my skyrim game. .. will continue the paragraph soon..
21:32 Brunei Time..
Ok , I am looking at some reaction. Must be US news releases. I have close 50% of my position size as planned. Now moving my SL just above the NY open supply.
And completes the order at the supply of NY. SO I am going to ride this trade towards H1 demand or support , which ever comes first. Or We can decide to hold this if it is a start of a bearish run.