Today there are some High impact news releases from the UK, Canada, and testimony from Fed Chair Powell later in the US session. So what do you do in this situation? 1. Try and Predict direction using technical indicators to "Get in Early?" 2. When the news hits click in with a market order? 3. Wait and see how the market interprets the data and click in then with a market order?
In our opinion the answer is NON OF THE ABOVE- All kidding aside, in this situation I wait for the release and get in on whats called a Retracement trade. This is a great approach to trading as you get to see the markets hand FIRST, and enter with planning at a high profit probability area. This is literally what we do here at BNFX daily. I wish I could say I created this approach, but it was something I learned when I was in exactly your position. It takes practice and discipline, but it CAN BE LEARNED. If you want to know more, check us out at www.bennathanfx.com. Theres a spot to drop any questions you have and I'm happy to answer anything you have for us.
BTW Ben's Putting on a free webinar in a couple weeks so let us know if your interested in signing up. If you even pick up one tip from this, it'll be worth it to help someone get one step closer to profitability. Someone did it for me and I sincerely hope to repay the favor.