Before we continue to elaborate on our strategy, to ensure that you have digested the previous basic knowledge, we will do some simple quizzes here.
The following two questions provide you with the high and low prices of the candlestick at 8:28 and 8:29. You need to calculate the exact position of the buy and sell entry based on this, as well as your stop loss position and take profit position (20 pips).
Question 1 8:28 Candlestick Low Price 1.4118 High Price 1.4122 8:29 Candlestick Low Price 1.4120 High Price 1.4126
Question 2 8:28 Candlestick Low Price 111.25 High Price 111.28 8:29 Candlestick Low Price 111.24 High Price 111.29
Exercise 1 Check the data release time of yesterday, and then find the corresponding period on the 1-minute chart, and see what kind of results you will get if you use our trading strategy.
Exercise 2 Practice trading on your demo account. Try at least 3 trades with a take profit of 20 pips on the data market. If you are correct on all three trades, you will earn 60 pips.
But don’t use your real money to experiment before you have enough practice. We still suggest that you trade at least 2 months of a demo account, specifically practice catching the data market, to find a more suitable entry time and position, and gain practical experience of stop loss position and take profit strategy.