I am a newb here and today was my first ever day watching the New York open. I was having a good day using Bolinger Bounces to grab a few pips here and there on the cable. I would of also grabbed some pips on shorting the fiber but then all the sudden Brenake (sp) spoke and the cable sky rocketed causing me to lose some serious pips. I know I should of had a SL in place but I was just messing around on a demo.
Anyways, that got me thinking. If you wanted to play the volatility of a new day with some hot news coming out like the employment report would this strategy work? This is assuming you have no idea if the market will rise or fall based on the news
I posted and image below.
The bold geen is the Long Entry, the higher green is the Take Profit, lower green is Stop Loss.
The bold Blue is the Short Entry, the high Blue is the Stop Loss, Lower blue is the Take Proit.
EDIT: To the mod that gave me an infraction… I wasnt advertising anything I went to google images and typed in “Forex Chart” and this was the one that had the largest spike. Please remove my infraction.