In my last article on forex news trading, I mentioned the importance of keeping an eye on economic news and events.
This time, I want to focus more on trading hours and days – when it’s good to trade and when you should better stay away from the market.
As a daytrader, I hold positions for only a few minutes or hours, and only on accasion for more than a day. But what I try to avoid most, is having a position open on the weekend.
Holding positions over the weekend
The reason is …

Following events may affect EUR:

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Following events may affect USD:

14:30 – Building Permits
14:30 -Housing Starts
14:30 – Import Prices m/m
15:15 – Capacity Utilization Rate
15:15 – Industrial Production m/m
19:00 – Fed Chairman Bernanke Speaks
19:30 – FOMC Member Evans Speaks
20:00 – FOMC Meeting Minutes

Following events may affect GBP:

10:30 – MPC Meeting Minutes
12:00 – CBI Industrial Order Expectations

Following events may affect JPY:

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Forex pairs respond sensibly to economic news. So it’s a good recommendation to write down the upcoming events for each trading day – a very good source that I use to get the dates of the events for the next days is the Forex Factory Calendar.
If you hold positions for a longer period, then it’s not as important as when you are daytrading and hold positions only for a short time. In that case you must keep track of the events for this day and stop trading before and after …

What is pyramiding? Investopedia says:
“A method of increasing a position size by using unrealized profits from successful trades to increase margin.”
So what does this mean?
When you take a look at the examples on how to trade Point and Figure Charts you will see that I opened new positions along the way down or up the trend. I have made some profits with my former positions, which I have not yet realized – but I could in any second, if I would like to! So I treat this unrealized profits like …

The following events may affect EUR pairs:

11:00 – German ZEW Economic Sentiment
11:00 – ZEW Economic Sentiment
11:00 – Trade Balance

The following events may affect USD pairs:

14:30 – Empire State Manufacturing Index
15:00 – TIC Long-Term Purchases
19:00 – NAHB Housing Market Index

The following events may affect JPY pairs:

00:50 – Tertiary Industry Activity m/m

The following events may affect GBP pairs:

10:30 – CPI y/y
10:30 – Core CPI y/y
10:30 – DCLG HPI y/y
10:30 – RPI y/y
19:30 – MPC Member Besley Speaks

I have reduced the pairs I traded a lot since the beginning of my trading. The …