Yes I traded.
Just made 3 pips. But thats because I am still using OandA.
Hope to become as good as you soon.
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Anyone here into FOREX?
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Yes I traded.
Just made 3 pips. But thats because I am still using OandA.
Hope to become as good as you soon.
I took the day off work today so decided to sleep in rather than trade. Good job though everyone!
I once again entered a technical trade last night on the GBPUSD based on several indicators I received (MACD, heavy support levels just below my entry to limit potential downside, RSI, etc.) plus the fact that I had a hunch the US news would be bad, thus lifting/protecting the price even further on an upward move since I couldn't be around to actually trade the news. Regardless, I had tight stops if the US news was bad....
Anyway, I entered @ 1.9883 and had my TP @ 1.9940, a key resistance level, being the 300-day MA. Just as I thought, it consolidated a fair bit there before making it's next decision on where it was going to go. So as it turns out, I got out before the news even came out, thus missing out on further upside, but since I was not able to watch the trade and was sleeping, I think the strategy I employed was sound, and above all else, not greedy.
So, I'm becoming more comfortable with some of my methods now for technical trades. It seems like it will be a good compliment to news trading (which I still find easier and more fun!)
I once again entered a technical trade last night on the GBPUSD based on several indicators I received (MACD, heavy support levels just below my entry to limit potential downside, RSI, etc.) plus the fact that I had a hunch the US news would be bad, thus lifting/protecting the price even further on an upward move since I couldn't be around to actually trade the news. Regardless, I had tight stops if the US news was bad....
Anyway, I entered @ 1.9883 and had my TP @ 1.9940, a key resistance level, being the 300-day MA. Just as I thought, it consolidated a fair bit there before making it's next decision on where it was going to go. So as it turns out, I got out before the news even came out, thus missing out on further upside, but since I was not able to watch the trade and was sleeping, I think the strategy I employed was sound, and above all else, not greedy.
So, I'm becoming more comfortable with some of my methods now for technical trades. It seems like it will be a good compliment to news trading (which I still find easier and more fun!)
ok can anyone help enlighten me please? About 11:08 this morning all the mayor currencies took a dive against the USD. GBP,EUR and even AUD dropped. Each one lost about 30-40 pips yet there was no news scheduled then.
Nearest thing I see is 11:05 where russian president Putin says something about mutual destruction if the US puts up a missile shield. Anyone here can explain the drop and why?
Nearest thing I see is 11:05 where russian president Putin says something about mutual destruction if the US puts up a missile shield. Anyone here can explain the drop and why?
I took the day off work today so decided to sleep in rather than trade. Good job though everyone!
I once again entered a technical trade last night on the GBPUSD based on several indicators I received (MACD, heavy support levels just below my entry to limit potential downside, RSI, etc.) plus the fact that I had a hunch the US news would be bad, thus lifting/protecting the price even further on an upward move since I couldn't be around to actually trade the news. Regardless, I had tight stops if the US news was bad....
Anyway, I entered @ 1.9883 and had my TP @ 1.9940, a key resistance level, being the 300-day MA. Just as I thought, it consolidated a fair bit there before making it's next decision on where it was going to go. So as it turns out, I got out before the news even came out, thus missing out on further upside, but since I was not able to watch the trade and was sleeping, I think the strategy I employed was sound, and above all else, not greedy.
So, I'm becoming more comfortable with some of my methods now for technical trades. It seems like it will be a good compliment to news trading (which I still find easier and more fun!)
That's great Shard.
Wish I could make money in my sleep too.
Is there a basic methodology that you could teach us on technical trading or is it so involved that I need a PhD?
It's a market, prices go up and down. If you bought something at 2.00, wouldn't you sell it at 2.50 for a profit? It doesn't matter if there is news or no news, profit taking always takes place. All the banks who shorted the US$, probably started closing their positions to make a profit.
Thanks for that, I just wasn't sure if I was missing anything there, 3 separate pairs all dropping like a stone at the same time? I would have liked 50 profit too , lol but could not react that fast. oh well
I just checked the news.. and there *was* news at 7.00. The Michigan consumer sentiment came in at 87.1.. well above the expected number.. that caused the drop. This was actually a significant news report, but after trading the GDP I went to sleep. Ahh, this could have been a nice trade.
Astro, go to www.forexfactory.com and look at the calendar on the front page. It tells you what news reports are coming out, and their 'significance' (marked in red or orange)
Shard, great trade.. but it could have gone against you, if the GDP had a surprise positive result. Combine that with the upward spike in consumer sentiment and you would have seen GBP at much lower levels. So be careful
That's great Shard.
Wish I could make money in my sleep too.
Is there a basic methodology that you could teach us on technical trading or is it so involved that I need a PhD?
I could get into certain tactics, but there are really too many out there and you have to take them with a grain of salt. No one indicator is good on it's own (at least I don't think so, contrary to many technical traders!) so when I get consistent signals from a few different sources, then I feel more confident in taking the trade. I try to couple it with fundamentals too. Remember a few posts ago how I talked about correlation between USD, Gold, commodities, etc. - that has a part to play in it as well. When I saw the May contract of Gold shooting up last night I knew the USD would experience weakness. And then, rightly or wrongly, I have seen that lots of times currency pairs will hit certain levels based on technical support and resistance levels - so whether they should or not, or there are fundamental reasons to the contrary, technical factors do come into play and are valid. After all, you don't think major institutions and hedge funds engage in technical trading?
So, specifically with last night's trade, I had many factors pointing towards a rise in the GBPUSD, coupled with a strong support level just below my entry point, which made my risk/reward attractive as I didn't stand to lose much if I was wrong. Stop losses are key. I picked the point of resistance, put a TP in there and was right - again, rightly or wrongly, the currency stalled out there before moving upwards again. My trade was existed even before the news, but if it has been open for the news and the news was bad, my stop would have ben hit, so no harm no foul.
As for specific tactics, yeah, I could get into them at some point, but it's rather hard without using a ton of screenshots, drawing on charts as I describe things, etc. in some cases.
Shard, great trade.. but it could have gone against you, if the GDP had a surprise positive result. Combine that with the upward spike in consumer sentiment and you would have seen GBP at much lower levels. So be careful
Yep, duly noted.
I have lost a lot on trades on the stock markets over the years to know that one very well. Again, I felt my risk/reward was fairly attractive on this trade and I had a relatively tight stop. Plus, I did have a gut feeling towards the GDP #s and although you can't put a lot of stock into that (pardon the pun!) sometimes you do have to go with your intuition - that's another thing I have learned over the years. The flip-side of that, of course is that you can't get emotional and get caught up in the psychology of trading - you need discipline and a balance. Thanks for the PM by the way, I will respond later today.
I just checked the news.. and there *was* news at 7.00. The Michigan consumer sentiment came in at 87.1.. well above the expected number.. that caused the drop. This was actually a significant news report, but after trading the GDP I went to sleep. Ahh, this could have been a nice trade.
Astro, go to www.forexfactory.com and look at the calendar on the front page. It tells you what news reports are coming out, and their 'significance' (marked in red or orange)
Shard, great trade.. but it could have gone against you, if the GDP had a surprise positive result. Combine that with the upward spike in consumer sentiment and you would have seen GBP at much lower levels. So be careful
I saw that, but it came out 1 hour before the drop
10:00am USD Consumer Sentiment (r ) EST so I did not think that was a factor.
Richard
Trust me, sometimes movements based on news reports can be a little delayed. I've seen that happen quite frequently on UK reports.. where the pound will move maybe 20-30 pips on a good/bad report.. and then settle down for some time.. and then take off for another 60-80 pips.
Again, my previous explanation of profit taking obviously counts. The dollar's been at its lowest levels against the euro, pound, etc.. banks don't just hold on to their positions.. they buy, sell, buy, sell..
If AUD/JPY goes to 100, the folks who have bought it at 88 are going to start taking their profits, and you're going to see a dip to 99, maybe 98. And then it will start going back up slowly.
The point here is, if you're going to wait and try and predict when these moves can happen, good luck! Unless you have some connections at a trading bank, or know a professional trader, etc.. there is no way to figure out when massive long/shorts can be triggered. If you read the news properly, you'll see reports such as "Citibank shorts 14 billion US$" etc.. obviously 14 billion is going to cause a spike in the market.
So, out of the various spikes you see in the market.. some are based on profit taking.. some are due to banks buying or selling, to prevent their stops from being hit, and obviously the rest- are due to news reports.
Out of all of these, I stick with the news reports. Why? Because I know when they will come out, and I can trade according to the report. The rest of the time, I might as well let my cat trade.. she'll probably have a better sense of when a drop or spike is going to happen than I will!
I got in late too.
Good luck with the new account at ADM. Hope it will be good for news trading.
Keep us informed.
No trades for me this morning - have been too busy focusing on the stocks and commodities markets as of late, making some money and making some plans for future gains. Things appear to be relatively quiet these past couple of days in the forex world anyway... I'll be trading again tomorrow though if the opportunity presents itself.
Things appear to be relatively quiet these past couple of days in the forex world anyway... I'll be trading again tomorrow though if the opportunity presents itself.6 pips on this one.. ADP's turning out to be a report to avoid because it's a horrible predictor of NFP (which is this friday) So I'm guessing, there's not much to be grabbed from this report. There have been times when ADP has come out positive by a huge margin.. and then NFP comes out sorely negative.
So I'm not surprised that this one hardly moved.
So I'm not surprised that this one hardly moved.
OK, no problem.
I really am hoping that we can find a new platform that has a better interface than CMC. I really don't like it very much.
I played the market a bit more today, I know Shard is gonna call this not trading the news trading but I had a gut feeling about the GBP/USD still going down. So after the news announcement, I entered a sell again and used a stop and limit to get an additional 15 pips.
Maybe I just got lucky.Bah.. got a re-quote on non farm report.. but I jumped in once the pound dropped after the initial spike.. was able to grab 10 pips. On the Aussie trade, I got 8 pips, so 18 pips.. not bad for the day.. but this was a pretty boring week.
Hopefully next week should be exciting with all the aussie reports
Hopefully next week should be exciting with all the aussie reports
Yeah, Aussie reports are always great for big moves.
As for me, I felt like gambling today, and what better report to do it on than the NFP! I saw that the news was US negative and saw the initial spike down (which confused/concerned me) but decided to pop in at that point, hoping the fundamentals of the report (i.e. US weakness) would take over - which they did! I traded EURUSD this morning (just didn't fell like trading GBPUSD for some reason, perhaps it's too volatile in this situation!)) and got in at 1.3556. Rode the spike up to 1.3581 and got out for a great 25 pip gain! My heart almost stopped as well, as my SELL didn't seem to take right away and I thought, "Oh great, here comes a re-quote!" - luckily this wasn't the case!
So, I'm going to wait for things to settle down now, but with the US news being negative and some technicals I'm looking at pointing to longs on the EURUSD and GBPUSD, I might enter a small lot ($25k) on a technical trade on one of the pairs, just to see how it goes. But I'm still going to give it a little while to calm down...
Oh, and I sent you a PM Music_Producer - check it out when you have the time.
Hope everyone else had success this morning as well!
As for me, I felt like gambling today, and what better report to do it on than the NFP!
I saw that the news was US negative and saw the initial spike down (which confused/concerned me) but decided to pop in at that point, hoping the fundamentals of the report (i.e. US weakness) would take over - which they did! I traded EURUSD this morning (just didn't fell like trading GBPUSD for some reason, perhaps it's too volatile in this situation!)) and got in at 1.3556. Rode the spike up to 1.3581 and got out for a great 25 pip gain! My heart almost stopped as well, as my SELL didn't seem to take right away and I thought, "Oh great, here comes a re-quote!" - luckily this wasn't the case!So, I'm going to wait for things to settle down now, but with the US news being negative and some technicals I'm looking at pointing to longs on the EURUSD and GBPUSD, I might enter a small lot ($25k) on a technical trade on one of the pairs, just to see how it goes. But I'm still going to give it a little while to calm down...
Oh, and I sent you a PM Music_Producer - check it out when you have the time.
Hope everyone else had success this morning as well!
I'll check it today Shard.. been busy lately with some stuff at home (projector setup) and has been driving me nuts.. trying to find 50 ft component cables, etc!
You know, I wanted to buy gbp/usd before the non farm payroll report came out.. because last month the report was pretty high.. so logically, this time it should have been lower than forecast - and that did happen. Of course, I didn't want to risk my account based on my predictions .. but lately I've been right about 95% of the time. Hmmm.. for all you know, with my luck.. the minute i start trading based on what i feel.. i'll probably go in a 100% loss
25 pips.. you lucky bastard
Edit : - Also, the deviation wasn't great at all.. hence a more muted move.
You know, I wanted to buy gbp/usd before the non farm payroll report came out.. because last month the report was pretty high.. so logically, this time it should have been lower than forecast - and that did happen. Of course, I didn't want to risk my account based on my predictions .. but lately I've been right about 95% of the time. Hmmm.. for all you know, with my luck.. the minute i start trading based on what i feel.. i'll probably go in a 100% loss
25 pips.. you lucky bastard
Edit : - Also, the deviation wasn't great at all.. hence a more muted move.
Sounds like fun! Yeah, no rush, just wanted to give you a head's up.
You know, I wanted to buy gbp/usd before the non farm payroll report came out.. because last month the report was pretty high.. so logically, this time it should have been lower than forecast - and that did happen. Of course, I didn't want to risk my account based on my predictions .. but lately I've been right about 95% of the time. Hmmm.. for all you know, with my luck.. the minute i start trading based on what i feel.. i'll probably go in a 100% loss
Yeah, I've had that dilemma as well - and hindsight doesn't help it sometimes.
I think though, as corny as it might sound, intuition and so forth does have a part to play in trading. You can't go with it blindly of course, but there's something to be said about it and it shouldn't ignored. After all, the markets aren't exactly an exact science and are quite chaotic, so why not throw some "impulsive trading" in every once and a while! 25 pips.. you lucky bastard
Why thank you.
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