Trading on Important Data Release
We have our "live trading class" last evening.
We also have major data release and Yellen speech waiting for us.
A very exciting evening for those who are new to trading data release, and it is also a good experience for some season traders who need some fine tuning to handle the special events.
The data release at 8:15pm has caused a spike but was still supported at level, traders saw the spike and waited patiently for signals to take action! Class shouted the signal @ 8:19pm (4 mins after the data), they waited for half an hour for that signal to fulfilled their profit target at 8:50pm (A long and grinding wait for some traders as market keep pulling back, testing our trader's patience).
After the intial signals, the subsequent three other signals was fast to reach their target profit.
After 8:15pm data, we have another important person (Yellen) talking at 9:15pm, this is the time where we switch over to YM (AKA Dow Jones) for opportunities.
They witness the price taking the slide down in that 20 mins.
Within that 3 hours trading, I believe they have grew much closer to the "market" than what they use to be. The story will not just end here, market are constantly changing, these traders will have to go through different market structure and have enough experience to handle the changing market conditions, to handle their emotions so that they can dig out the treasure from the markets constantly.
[To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time and energy on regrets and wishful thinking].. quoted by Alexandra Elder