Yes, Thank you for the heads up! I don't ever know when reports come out as I position trade (other than the Non Farm and the Fed meeting). Hopefully that would give me some better prices to short otherwise I will be selling on momentum below today's low of 1.2805.
yes, it' a longer term play. This area of 1.2800 has shown support a couple or three times. I feel it is significant if we trade at 1.2790.
I like that strategy, I like to play momentum like that. I found picking tops and bottoms is a fool's game- at least for me. Good luck
One thing to remember about fx futures---big moves can have their beginnings at absolutely any time of day--not just during the morning report times. Sharp traders will look towards the closing prices as well for indications. Closing price is the most important price of the day.
Well, sort of with the following note: I am initially trying to find reversal areas and then I follow the ensuing trend. In that sense it would be trend following. Classic trend following has the trend underway before one enters the trade. Now my entry at 1.2790 last night does not appear good at the moment, but we'll see.
This market is a little frustrating at the moment--This is why you must have patience to be successful. I will be stopping myself in to another short when we hit 1.2823 as I feel there is good potential for a downside market the rest of the day.