Trading is very active at the moment and trading ranges for the majors is expanding. With unidirectional moves, it makes it easier to be right. Trade with the trend. Economic news events scheduled each day are being overshadowed by the coronavirus pandemic and measures governments are taking to both contain it and to support their economies.
Today as the EURUSD began to move downward at the beginning of the U.S. session overlap, a short was taken risking 32 pips for a potential 108 pips to our daily target at 1.0852. The pair had already moved through the critical 1.1000 level.
Price moved quickly downward and we secured profits as it moved lower with continued momentum. Price slowed down at our daily target and the trade was closed.
I was less fortunate with the more volatile EURJPY and was stopped out for 20 pips.
I believe in taking smaller sized positions and keeping stop losses tight, while locking in profits. There are many opportunities to trade in this current market, but it is easier to trade with the trend.
Now is not a time to be either fearful or greedy. Be focused and methodical.
Good luck with your trading!
