Another Great Scalping Day!
Today, Chief Trader Armando Martinez shows an opportunity for an active position on the EURUSD currency. After the ISM Numbers were announced for the month, the EURUSD price reached new lows for the day. Because of unpredictability in the market, Armando suggested that traders stay out of the market. However, had Armando actually been participating in the market during the announcement, he’d have been careful in taking his entries and setting his stops. In this case, Armando was anticipating a retracement. He would have taken his entry at the 35 level, and watched the price level bounce back. Once the price started to rise up again, he’d have adjusted his stops respectively from -10, to break-even, to +11, and thus been able to make 11 pips on the position. Learn how to consistently profit in the Forex market by identifying precise entries and exits with FXPM™ and Forex Successful Online Training School.
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Filed under: Daily Learning Moment
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