ECB Press Conference is an important news event for EURUSD. Whenever Mario Draghi the President of ECB speaks, EURUSD goes up or down. Since Friday last week, EURUSD had been trending down strongly. In the morning I noticed a bearish H4 candle followed by a bullish candle. Take a look at the following screenshot just below the red arrow.
By looking at these candles I knew EURUSD has found support at 1.11045 level. I wait for the next H4 candle which was bearish and opened a buy trade with at the close of this candle 1.11010 and placed the stop loss at 1.11000. My risk is only 10 pips. Suppose I have $1K in my account. I open a position with 0.1 Lot. My risk is only $10 or 1%. The price shoots up and then comes down as you can see from the above screenshot with the H4 candle closing bullish at 1.11306. This is the time when the ECB Press Conference has just started.
I open a second trade at 1.11584 at the close of the H1 candle just above the red arrow in the above screenshot with 0.1 lot. I move the stop loss to 1.11010 and the make the first position breakeven. My risk is now 48 pips. The risk is 4.8% or $48.
Just above the red arrow in the screenshot above I open one more position with 0.1 lot at 1.11865 and move the stop loss to 1.1160. The first 2 positions are now in profit of 52 pips while the risk is 26 pips so even if the stop loss gets hit I only lose 24 pips.
I open one more buy position at 1.12001 and move the stop loss to 1.11800. I close all the positions at 1.12921. The profit is 182+142+106+92=522 pips in 24 hours. It comes out to $522 or 52%.
I open a sell trade at 1.12541 with 0.1 lot just below the first down red arrow in the above screenshot and place the stop loss at 1.12941. I open another sell position just below the second red arrow at 1.12296 with 0.1 lot and move the stop loss to 1.12580. I close both the positions at 1.11265. The profit is 138+103=241 pips and in dollar terms it is $241. So in total I made $763 in 2 days.