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Euro Key Level Economic News Release Trading Strategy
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Forex traders know the importance of economic news releases andhow that effects the exchange rate. A positive or negative newsannouncement in the US morning session can send the EUR/USD rateup or down extremely fast! One way to capture these large movesis to use ENTRY STOP ORDERS.
Entry stop orders are an excellent way to get into a trade longor short AUTOMATICALLY. Often if the market is moving extremelyfast (due to an economic news release or geopolitical event) andyou want to get into a trade, it is extremely difficult to getthe price you click (live market order) because the exchangerate is moving up or down so fast. It is like trying to jump ona train that is moving at full speed.
An entry stop buy or sell order places an order with the dealingdesk of your Forex clearing house to execute your order when theexchange rate touches the level you set the order at. The CMS VTplatform guarantees that these types of orders will be filled.
The following link outlines the economic news releases for theweek. I find it very helpful because it rates every release interms of importance on a grading scale of A-D. A denotes veryimportant down to D with little significance to the markets. Iteven lists what the market expects to happen with thebriefing.com forecast.
Click Here for the Yahoo Finance Economic Calendar:
http://biz.yahoo.com/c/e.html
1. Check the economic Calendar
2. Set your entry stop buy or sell at a key level 15-30 minutesbefore the announcement is released. Set your stop and limit onyour order by right clicking the order when it appears on yourVT platform.
3. You can also “straddle” the price movement by placing a longand short entry stop or sell order (and subsequent stops) if youaren’t sure which direction the news release will send theprice.
The above report was taken from the Euro Fractal Trading system,written by Erol Bortucene of the Day Trade Forex Team.
This unique approach to day trading the EUR/USD involves usingfinancial Fractals and no other technical indicators, asoutlined in the Euro Fractal Trading System. The Euro FractalTrading System also teaches how to use key price levels to takeentry and exit positions, thus taking the guesswork out oftrading.
About the author:
Cynthia Macy has been trading various markets for over 12 yearsbut now concentrates on the forex market and is the co-author of3 forex training ebooks.
For more comprehensive trading information, visit her otherwebsites at:
http://www.professionalforextradingonline.infohttp://www.successtrading2000.com/forexhttp://www.shortterminvestingsite.comhttp://www.daytrade-forex.comhttp://www.daytradeforex.com/products.htm
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