When USD news comes out before a 4 hour candle closes, I use discipline, patience and wait. A Lot of high impact expected news hits at 5:30 am (PST/USA) when New York session opens. This is London session and New York session overlapping 4 hours which I think is best 4 hours of day to trade.
My Rules Area: (USD high impact expected news)
1) Use either a 5 minute or 15 minute time frame to trade on.
2) I use forexfactory.com for my news and results.
3) Use a highly traded USD currency (like Eurusd, UsdCad, UsdChf,Gbpusd or Usdjpy) to trade with.
4) If high impact news hits at 5:30 am---- then EURUSD example on chart (8/12/21 PPI mm) --- comes in---> refresh page and get results.
Results were USD positive: actual 1.0% and forecast was 0.6% so was higher then forecast and/or expected, so USD shows strength, if you are trading the following pairs EURUSD , USD,AUD, GBPUSD, should go down, USDCAD,USDCHF & USDJPY should go up- related to USD high impact news results.
5) If high impact expected USD news hits prior (5:30 am PST/USD) to a 4 hr candle--I WAIT for top of hr of 6:00 am -10:00 am candle for any new trades.
Why? let both spreads calm down to a normal range and all of the scalper traders clear out, to set up any possible further trades. This gives you 30 minutes to set up whole trade: Entry, Stop Loss and Targets for this. Remember EURUSD only has an ATR of 53-60 for last 5 weeks, so stops/targets are close.
Chart set up is: 5 stop loss vs 14 pip target. Note high impact USD expected news was positive, so set up a bearish or sell trade with EURUSD. *Trade was entered on reversal of 5 minute DOJI candlestick right start of new 4 hour/6:00 am (not shown related to short time frame for TV/public to look at). I use both 5 minute time frame and 15 minute time frames to trade high impacted expected news on. Note: Price Action & Risk Management ALWAYS!!!
My Rules Area: (USD high impact expected news)
1) Use either a 5 minute or 15 minute time frame to trade on.
2) I use forexfactory.com for my news and results.
3) Use a highly traded USD currency (like Eurusd, UsdCad, UsdChf,Gbpusd or Usdjpy) to trade with.
4) If high impact news hits at 5:30 am---- then EURUSD example on chart (8/12/21 PPI mm) --- comes in---> refresh page and get results.
Results were USD positive: actual 1.0% and forecast was 0.6% so was higher then forecast and/or expected, so USD shows strength, if you are trading the following pairs EURUSD , USD,AUD, GBPUSD, should go down, USDCAD,USDCHF & USDJPY should go up- related to USD high impact news results.
5) If high impact expected USD news hits prior (5:30 am PST/USD) to a 4 hr candle--I WAIT for top of hr of 6:00 am -10:00 am candle for any new trades.
Why? let both spreads calm down to a normal range and all of the scalper traders clear out, to set up any possible further trades. This gives you 30 minutes to set up whole trade: Entry, Stop Loss and Targets for this. Remember EURUSD only has an ATR of 53-60 for last 5 weeks, so stops/targets are close.
Chart set up is: 5 stop loss vs 14 pip target. Note high impact USD expected news was positive, so set up a bearish or sell trade with EURUSD. *Trade was entered on reversal of 5 minute DOJI candlestick right start of new 4 hour/6:00 am (not shown related to short time frame for TV/public to look at). I use both 5 minute time frame and 15 minute time frames to trade high impacted expected news on. Note: Price Action & Risk Management ALWAYS!!!
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