LiteForex. When the prices breaks below the trendline (or out of these patterns we go short. The price pulls back 30 to 40 pips (that is more than 50 of the 60 pip drop) without providing a trade signal based on the strategy above. Do nothing for the first 15 minutes after the NFP announcement. Dont focus on that. The initial move, in this case, was 56 pips, so our target or profit potential is 28 pips.
If you are using the half the initial move profit target, make sure that your profit potential is at least two times your risk. A wide-ranging price candle will occur between 8:30 to 8:45 AM EST. The price may rally 50 pips initially and then start falling, and keep falling. It pulls back at least 5 bars and forms two consolidations, but the price never rallies above the highs of the consolidation. You could also use a moving average or some other indicator as a trailing stop loss. Our trade trigger could be a consolidation breakout or a small trendline or pattern break. Stash the strategy away until the next month. Alternatively, place a target at a 3:1 reward:risk ratio. We now wait for a signal to enter a trade in the same direction as that initial move. If the price doesnt provide a trigger in the same direction as the initial move, we dont trade. For example, assume the price drops 60 pips after the news announcement before forming a pullback.
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