DislikedHey Phil... I want to ask you a dumb question.... did you trade cable long today before the news.... I did but not sure if wise approach or not... thinking all good news before it and good news most likely and if news goes against me just flip stronger after initial push of say m1 the other way.. but it did not go against. Just not sure if that is wise approach or not... guess just need more experience to learn. If you wait until after news not sure when you hit it... maybe just when you feel that candle push or PB as we discussed before. Regards...Ignored
Hi Alexandria
No, i did not trade the gbp news, was ready to (after release) but we are looking after my granddaughter (age 2+) for a week and she would not leave me alone at that time, so my attention was drawn away by something even more demanding than forex .
i normally wait until i see the figures, but sometimes with real market movers i do say go long G/U and have some short A/U before the news..... if USD move/news. if market bounces around and i see figures are favorable long G/U..... i will dump A/U at as near to b/e as i think i can get.......if it moves and keeps going i may choose to rescue later, dump some and rescue or just dump and offset against my G/U (depend on move and feel)........ there is one other option i use but i only use it when VERY confident the market will go a certain way and continue to do so, that is to at least double the entry in the opposite direction/flip the trade on the wrong side.
mostly i wait for the release though and either join the move or pass on it, it often retraces some and continues or takes a while to filter through, take the recent news releases for the USD and the CAD, to me they shouted SHORT U/C...all bad usd and good cad figures..... and i am....but it is only just now filtering into the market...maybe someone big was long and had to get out , i do not care, i was looking for a short there and now i have it. (is ok now.... my granddaughter is out with my wife for a while).
3 hours to FOMC minutes.
regards
Phil.
-be careful about what you allow to be put in your mind-