“INDICATOR OF THE DAY” - BE CONSISTENT
Many emails have come in overnight questioning our current EUR/USD short position in light of the event risk later in the day. So, I guess it would be best to defer from the regular “indicator of the day” talk to address this issue. The simple answer is to be “consistent” in your trading approach. If you are consistent with your trading, then you will afford yourself the opportunity to benefit just as much as you suffer when trading through event risk. Conversely, if one determines that he or she does not feel comfortable with an open position ahead of event risk, then he/she should be consistent in mitigating risk and removing positions or not taking positions ahead of the risk. If for nothing else, this approach will ensure sanity while trading the markets, a commodity that undeniably can not be compromised.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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Monday-Friday (between 5:30am-6:30am EST)
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“Indicator of the Day” – A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
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