News trading idea [GBP Retail sales]
First we check 4h, daily, weekly, monthly time frame to avoid potential trend risk.
Then we check 1h macd time frame to see short or long. And we check 200 SMA to see if it is under valued or not. In this case the GBPUSD chart 1h macd was giving perfect short signal. Plus it was not US news so it tends to go straight to the direction when it comes out. Following that we get in before the news comes out (10-30 sec early). We use Dom to set stop loss at the same time we enter cause it is volatile news, who knows if it goes against us.
Not related : Us news tends to form high volatility so we need to wait it to form liquid area.
Then we get out using 5 min time frame macd low. I am using Volume profile to see support and resistance also to identify volume clusters.
Ps : If your feeling not right or confused you should not get in, there is always better trade next time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.