40 pips in 20 minutes

Forex Trading Nigeria

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Posted by on Thursday August 25, 2011 8:48:19:

This happened today as I was trading the EUR/USD from 8 am Nigerian time. I was not able to log in earlier due to low battery and power out.
Now here is how it all went down.

Risking a little bit of my capital, I saw an opportunity to buy at 1.4424 by 8am which is a cool entry time for trading euro but before I did that, I studied the market conditions which were:

- No news reports from 8 to 1 pm relating to the currency pair (Euro/USD) which I was trading
- I also used stop loss to protect my capital
- I focused on the long term and put my exit target at 100 pips but I may close before 11 am

In about 20 minutes of trading in the London session which starts by about 8am Nigerian time, I had gained 40 pips.

Some of the tools I used are:
Economic calendar at forexfactory.com and forexpros.com/economic-calendar/
- I hr time frame and see if candles are falling or rising to confirm a bull state

After having being satisfied with the market conditions, I just entered with a buy stop and was able to get as much as 50 pips within a short time. Bull is confirmed and may very well continue so till NY session at 1 p.m.