Straddle Trade ahead of US reports
Updated
Today I've decided to try a different strategy: a straddle trade.
I've created 2 limit orders from the highs and lows of the 24 hour period. For each order, I set the stop loss for 20 pips, and the TP for the next pivot point line (S1 and R1). The idea is that, no matter the results from the reports from the US treasury, we can capitalize from the trade here.
The orders should expire today, so if the market doesn't move as anticipated we can simply back out of the deal before the weekend.
I've created 2 limit orders from the highs and lows of the 24 hour period. For each order, I set the stop loss for 20 pips, and the TP for the next pivot point line (S1 and R1). The idea is that, no matter the results from the reports from the US treasury, we can capitalize from the trade here.
The orders should expire today, so if the market doesn't move as anticipated we can simply back out of the deal before the weekend.
Note
Good news everyone! The reports came back better than the forecast and the price has shot up. I've cancelled my short order to prepare for my long one.Trade active
Order opened...Trade closed: stop reached
A reversal followed by a stop loss...
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