My idea to trade the FOMC today is as follows..
It's based on a system I was taught a long time a go by my mentor. I use it for NFP, and it works perfectly. It's called the Davinci system.. The trendlines you see are based on a rolling 20 bar high/low, and the false break reversal.
Basically, when price breaks a trendline, and comes back to it and goes 10 pips above/below the trendline, you enter the trade. So if price breaks this trendline right now @ 1.22606 (which at the time of writing was tested) we will wait for the candle/bar to come back to it and break it in the other direction by 10 pips, and enter your trade. Same if it breaks at the other trendline @ 1.22961
Stop loss is 30 pip from trigger point
TP( will depend on your risk/reward) I use Weekly fibonacci points I calculate manually. You'll see them in the pic.
PS.. Perfect scenario will be that eurusd rises and breaks top trendline, come back to it breaks it again, enter short, and take profit around 1.22068 or lower..
Good luck!!!
I welcome your comments!
EURUSD
It's based on a system I was taught a long time a go by my mentor. I use it for NFP, and it works perfectly. It's called the Davinci system.. The trendlines you see are based on a rolling 20 bar high/low, and the false break reversal.
Basically, when price breaks a trendline, and comes back to it and goes 10 pips above/below the trendline, you enter the trade. So if price breaks this trendline right now @ 1.22606 (which at the time of writing was tested) we will wait for the candle/bar to come back to it and break it in the other direction by 10 pips, and enter your trade. Same if it breaks at the other trendline @ 1.22961
Stop loss is 30 pip from trigger point
TP( will depend on your risk/reward) I use Weekly fibonacci points I calculate manually. You'll see them in the pic.
PS.. Perfect scenario will be that eurusd rises and breaks top trendline, come back to it breaks it again, enter short, and take profit around 1.22068 or lower..
Good luck!!!
I welcome your comments!
EURUSD