How Entry Orders Can Help With Volatile Markets
It was a pretty climactic night coming out of Japan - with the S&P Downgrade carrying a pretty heavy affect on many ¥ based pairs.The chart I had posted yesterday showed two zones that I was looking to get short GBP/JPY.Rarely do one of these setups play out as cleanly as what happened last night. I had annotated the chart for further detail.I was looking to go short at 129.50 or 132.50.Price came down to 129.56 – 6/10th's (or 3/5) of a pip from my entry to go short - and then bounced. The bounce was for around 300 pips - all the way up to my 132.50 entry.Shortly before the Strategy Trader webinar - the 132.50 entry got hit - and I took it short for a quick 30 pips.
In the DailyFX+ Trading Course – we talk about range-based strategies much like what I had outlined above. The DailyFX+ Trading Course is completely free of charge for all live clients of FXCM.
If you have any questions about this setup, DailyFX, or the DailyFX+ Trading Course – please don’t hesitate to let me know at Instructor@DailyFX.com.
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