Trend lines on the Daily chart are key. Just wait for that one day bounce off of it then start loading the boat. Close the position when it approaches the next Trend line.
Folks, I've been following this guy for a little while now and he has an interesting approach to trading Forex that has been highly accurate when I watch it. His name is Henry Liu and he trades news releases.
Rather than trading around news, he trades on it. He looks at the news that has "major" impacts and uses the difference between the forecasted and actual numbers to determine the direction of the trade and the pair he'll use. If the difference is larger than his specified number, you can get a quick pop for 20-50 pips. The trade can last anywhere from 20 minutes to a couple hours.
For OANDA users, you can't do it because OANDA moves the spread to 50 pips on the news releases (makes you wonder how often you've been stopped out of a trade when you shouldn't have). I'm switching brokers specifically for this reason. But for anyone else, this can be a good way to augment your current trading strategy.
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