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Diamonds Trading Signals Trade Plan
UK Manufacturing PMI - 4:28am NY time (Tuesday, April 2)
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| Traded currency pair | : | GBPUSD | ||
| Initial spike duration limit | : | 20 seconds | ||
| Initial spike price action threshold | : | 10 pips | ||
| Triggering retracement percentage | : | 50 % | ||
| Retracement duration limit | : | 40 seconds | ||
| Maximum trade hold time after release | : | 10 minutes | ||
| Stop loss | : | 10 pips | ||
| Take profit | : | 10 pips | ||
| Maximum spread | : | 2 pips |
- If between 04:28:00am and 04:28:20am, so during the first 20 seconds you see GBPUSD move up or down by 10 pips or more, then enter in the direction of the initial spike at the very first 50% retracement if it doesn't take more than 40 seconds (till 04:28:40am) – and if spread is at 2 pips or less. Set stop/loss at 10 pips, and set take/profit at 10 pips immediately.
- If the move either up or down was less than 10 pips during the first 20 seconds, then the actual number of the report did not generate sufficient interest in the market, and you simply skip the trade.
- If by 04:38:00am, so 10 minutes after the report release, neither your stop/loss nor your take/profit points were hit, then close the trade automatically at market price of the time.
To review Diamonds Trading Signals more detailed trade plan go to weekly posts.
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