There will be an opportunity to trade on pullbacks according to the US real estate market this evening.
At 17:00 Moscow time, data on New Home Sales and New Home Sales (MoM) will be updated - events that have shown significant results in trading on pullbacks.
New Home Sales in the United States will decline according to forecasts. The pressure on the US dollar is likely to increase If expectations are met.
You can take any currency pair with the US dollar as a trading instrument.
Today we will consider the currency pair of average volatility NZDUSD.
From a fundamental point of view the New Zealand economy currently looks more attractive compared to the US economy, which is in favor of the potential growth of the NZDUSD pair and is consistent with the likely growth of the pair after the publication of real estate market data.
Strategy (timeframe M15)
1. Real estate market indicators will decrease in comparison with the previous period:
* We place a BuyLimit order at a distance of 0.2 - 0.25% of the price at the time of updating statistical data on the chart of the NZDUSD pair.
* Take profit is set at the price level at the very moment of data publication or slightly lower.
Or we exit the market at the close of the 8th hour of trading after the opening of the transaction.
* We place a protective order below the Low quote of the previous day.
If the order to open a position does not work within 8 hours, we delete it.
2. Real estate market indicators will grow compared to the previous period:
* We place a SellLimit order at a distance of 0.2 - 0.25% of the price at the time of updating statistical data on the chart of the NZDUSD pair.
* Take profit is set at the price level at the very moment of data release or slightly higher.
Or we close out of the market at the close of the 8th hour of trading after the opening of the transaction.
* We put a protective order above the High quote of the previous day.
If the order to open a position does not work within 8 hours, we also delete it.
3. The indicators of the real estate market have not changed or are multidirectional compared to the previous period:
* Refrain from trading.
Remember that it is necessary to take into account the spread and adhere to the rules of money management!
Attention!
Trading on financial markets involves a high level of risk and may lead to the loss of investment capital. The MarketCheese team is not responsible for the possible loss of your investment funds.
This content is for informational purposes only and is not intended to be investing advice.
