Ken Buncharoen
From my perspective, country’s economy and news have influence on price of currency. I will always try to follow news of currency pairs that I trade, determine impact of each indicator and predict short term trend from minute to week trend. I like to trade major currency pairs with low spread like AUDUSD, EURUSD, USDJPY and USDCAD.
Therefore apart from taking trades from LTG’s indicators, I also trade high important news. I like to trade high important news because it can move price by 20 to over 100 pips within few minutes. If you can predict the trend, enter and exit the right time you can get good return in short time. There are many good Forex’s high important news analysts available on internet that you can Google.
One of recent high important news is on CAD Employment Change and Unemployment Rate.
As the result, USDCAD drop by 68 pips in a minute, and 100 pips in an hour.
However, during high important news price tend to fluctuate and spread tend to increased. I think it is important to choose broker with fixed and low spread for news trades.
Although many Forex traders preferred not to trade news due to high risk and sometime price move in opposite direction to news indicators. However, even if you don’t trade news it is good idea to avoid taking trade (or even close trade) when it is close to the release of high important news that could affect your currency pairs.
Warm Regards,
Ken Buncharoen
Andrew Barnett is the co-founder of LTG GoldRock and is an avid Forex trader and blogger on the subject. If you have any questions or comments, please leave them below.
Andrew, loved Ken’s story. What is the web site that he’s using for his news?
Kind regards
Rob Schulz