Another very light economic news trading session. The UK traders began to move the market in a very familiar pattern. Both the CHF and EUR set up nicely at the same time. The CHF offered a very small stop loss and a greater than 3:1 Reward to Risk to our Target 2. The EUR stop loss was more twice what the CHF offered us and it did not have a 3:1 R:R setup.
The move happened quickly and ended quickly as the UK traders wanted to lock in profits before the US traders reacted to the US Employment numbers.
I love to choose the easy trades with the least amount of risk, and this one had all the hallmarks that I teach. It was not a big move, but we will take an easy 30 pips any day we can find them.
There will be lots of major economic news in the US tomorrow.
Good luck with your trading!
Back tomorrow to finish the week.