Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Move TP to -x pips if trade goes -x pips ea 1 reply

Demo contest only - 20 pips TP and 20 pips stop - Any TF 51 replies

Percentage vs. Pips per Trade vs. Pips per Day/Hour! 7 replies

I lose 40 pips and win 6 to 10 pips... 17 replies

NFP=no free pips(non farm.. how to trade it) 21 replies

Attachments: How to trade NFP/FOMC and make pips
Exit Attachments

How to trade NFP/FOMC and make pips

Thank you Scoobi---lesson learned.
Scoobi,
Thanks to you I kicked butt this morning with GBP/CAD. You know what they say; "Give me a fish, I eat for a day, Teach me to fish, I eat for a lifetime."

Scoobi, you've taught us how to fish. You the man!
Quoting Jimtrade
Scoobi, Thanks to you I kicked butt this morning with GBP/CAD. You know what they say; "Give me a fish, I eat for a day, Teach me to fish, I eat for a lifetime." Scoobi, you've taught us how to fish. You the man!
. Thx Jim how did u do cad data
Scoobi doobi doo
Quoting Scoobidoobi
{quote} Perfect Verve!, you nailed it. We place the initial and pending orders 7min ahead right before the NEWS, give about total of 27min (including the start 7min) to see any spike in the pairs if not close it. If you see spike , wait for atleast 3 pending orders (sell orders) to trigger in and lock the wrong ones then after a while when you see green pips use the trailsltop EA setting ProfitTarget value of your choice to close down all the orders if just incase any pending orders are left out please close them manually.
I am intested..Which broker allow you trade this big spikes?
Hey Scoobi,
I use TradeStation
I'm sorry Scoobi,
I think I misread your question.

Per your advice, I used 4 pairs: GPB/CAD, CAD/JPY
EUR/CAD, CADCHF
Hi Scoobi - any suggestions on the GBP news later tonite ( NZ Time )?
I don't have many xxxGBP pairs available to use our normal rules but will try a straight hedge between EG & GU - 25pips either side in case of a spike . I don't know much about the pound news so will be interesting to watch.
US Retail Sales also tomorrow so that may be the better bet.
Scoobi,
This morning I traded GBP/CAD and EUR/GBP. I did OK on EUR/GBP, but GBP/CAD blew right threw my stop. I set my stop at 50 pips for a little extra cushion against the initial whipsaw up and down action. GBP/CAD gapped OVER my stop/loss and I loss over 150 pips on a 50 pip stop loss. I called Trade Station and they basically said "them's the breaks." Even though my stop loss was triggered at 50 pips, due to the gap the stop loss wasn't executed until further down the chain.

Is there any protection against gaps that go against you like that?
Quoting Jimtrade
Scoobi, This morning I traded GBP/CAD and EUR/GBP. I did OK on EUR/GBP, but GBP/CAD blew right threw my stop. I set my stop at 50 pips for a little extra cushion against the initial whipsaw up and down action. GBP/CAD gapped OVER my stop/loss and I loss over 150 pips on a 50 pip stop loss. I called Trade Station and they basically said "them's the breaks." Even though my stop loss was triggered at 50 pips, due to the gap the stop loss wasn't executed until further down the chain. Is there any protection against gaps that go against you like that?...

Are you following the rules at page 1 of the threads, I have doubts about that. if you have 2x times sell stops set at 20pips apart you wont be running into this issues. you probably kept stoploss and no pending orders to protect for the trades which go against you. I haven't played around with Tradestation platform and mine explored on MT4/MT5 predominantly .
Scoobi doobi doo
Quoting binnie
Hi Scoobi - any suggestions on the GBP news later tonite ( NZ Time )? I don't have many xxxGBP pairs available to use our normal rules but will try a straight hedge between EG & GU - 25pips either side in case of a spike . I don't know much about the pound news so will be interesting to watch. US Retail Sales also tomorrow so that may be the better bet.
Binnie,

GBP Data yday moved the major and its cross pairs very nicely trending for several hours, as I write this reply GU is still trending at the lowest point of the day . USD Retail sales was negative and that spiked eur usd, aud usd etc. up with uj/uchf down for shortly good pips there too cheers!
Scoobi doobi doo
Today we have double whammy in for EUR Data in about few hours from now French GDP and German GDP , being Thursday offers more opportunities for better moves on EUR XXX pairs will let us make good pips, dont miss it folks! cheers

-Scoobi
Scoobi doobi doo
Thank you for your quick response Scoobi.

No, apparently I am not following the rules on page 1 of the thread. You're right, I only use, my only protection is a stop loss / sell stop. That's all that Tradestation offers. By the way, it happened again this morning with AUD/USD. trade started to reverse and then Bam!, trade blew right thru my stoploss and I loss $180 (terrible). I called Tradestation and they said there was nothing that they could do, that the volume at that moment was huge and gapped right over my stop loss. I will gladly switch trading platforms. Is MT4/MT5 available in America?

What are 2x times sell stops? How do you set them up? What are pending orders? You are correct---I have no pending orders to protect for the trades that go against me. I will go to www.babypips.com like you advised the other reader/trader a few weeks ago.

I never understood your directions / rules: "...& keep the pending orders 2x times the initial volume at 30 pip distance." I just buy the pairs and set my stoploss at 50 pips.

What do you mean "BUY 0.1 EUR/USD" @1.3411 and "SELL 0.2 EUR/USD @ 1.3381"? I just buy and sell on Tradestation.

Thanks Scoobi
Elleell, FerruFX, Binnie, Verve, and Scoobi,
What trading platform do you guys use? I use Tradestation, but the stop loss is NOT protecting me from "gaps." This morning on AUDUSD I had my stop set at .93182, which should have given me a small profit of $5-$7 dollars. The trade reversed and my stop loss was triggered, but it didn't stop until .92986. I lost $180+ when I should have made $7. I called Tradestation and they said the huge surge of sell orders 'gapped' my stop loss.

How would pending orders protect me against a gap?

Thank you for all of your previous help and advice
GBP coming---great fear and trepidation because I know it's going to gap and cost me $$$

How do you guys define "Hedging"? I thought offsetting the currency pairs (USDCAD, USDCHF and EURUSD, AUDUSD) was hedging, but by re-reading your blogs I can see there is much more to it than that. Also, by re-reading your blogs I can tell you guys have a very good if not great understanding of the FOREX market. Very impressive.

Is Hedging allowed in the USA? Is Tradestation set up to allow hedging? If not, time to switch platforms.

Thank you all.
Quoting Jimtrade
Elleell, FerruFX, Binnie, Verve, and Scoobi, What trading platform do you guys use? I use Tradestation, but the stop loss is NOT protecting me from "gaps." This morning on AUDUSD I had my stop set at .93182, which should have given me a small profit of $5-$7 dollars. The trade reversed and my stop loss was triggered, but it didn't stop until .92986. I lost $180+ when I should have made $7. I called Tradestation and they said the huge surge of sell orders 'gapped' my stop loss. How would pending orders protect me against a gap? Thank you for all...
No broker guarantee a SL or pending price in case of gap in price. The order (pending or SL) is filled at the current available price.

I heard that some can guarantee but there's a cost ...
MT4/MT5 EAs/Indicators/Alerts coder
Thank you Ferrufx.

I guess we'll have to keep taking it on the chin until someone can devise a method to stop or limits the gaps. I don't mind slippage, but 150+ pips past your stop loss is not slippage, it's anarchy ( I tend to get carried away sometimes...)

How about CAD this morning (8/15/14). Enormous gaps in both directions: GBP/CAD and CAD/CHF. Since I made $$$ (Thank you Scoobi ) I won't complain too much, but that GBP/CAD gain was painful . It was great to be on the good side of the CAD/CHF gap, but the GBP/CAD gap really ate into my CAD/CHF profit. Still, I'm very greatful I finished the week ahead---that doesn't happen too often (actually never. I think this is the 1st time, maybe only the 2nd). I'm sure Tradestation is still scratching their heads...

Ferrufx, You are right, news trading isn't for everyone, even experienced traders. As Nico1359 said, "Trading the news is not for the faint of heart." I couldn't agree more, as I am faint of heart. Trading the news is brutal---it definitely puts hair on your chest, that's for sure.

Thanks again for ALL the advice you gentlemen are sharing on this blog---very, very helpful.
Quoting Jimtrade
Thank you Ferrufx. I guess we'll have to keep taking it on the chin until someone can devise a method to stop or limits the gaps. I don't mind slippage, but 150+ pips past your stop loss is not slippage, it's anarchy ( I tend to get carried away sometimes...) How about CAD this morning (8/15/14). Enormous gaps in both directions: GBP/CAD and CAD/CHF. Since I made $$$ (Thank you Scoobi ) I won't complain too much, but that GBP/CAD gain was painful . It was great to be on the good side of the CAD/CHF gap, but the...
Hi Guys - anyone have a crack at the USD xxx last nite? 12.30am for me so I needed my beauty sleep.
Quoting binnie
Hi Guys - anyone have a crack at the USD xxx last nite? 12.30am for me so I needed my beauty sleep.

yAY Binny, I had good crack on USD data still holding the positions trailing them securing profits infact , EU/GU/AU all cracked down and UJ/UCAD/UCHF up nice one. I carried forward the position with trailing for long since I noticed USD Index was bullish and heading 82+ way to go mate!
Scoobi doobi doo
Quoting Scoobidoobi
{quote} yAY Binny, I had good crack on USD data still holding the positions trailing them securing profits infact , EU/GU/AU all cracked down and UJ/UCAD/UCHF up nice one. I carried forward the position with trailing for long since I noticed USD Index was bullish and heading 82+ way to go mate!
Awesome Scoobi - question for you - when you enter long all 6 pairs and direction is established pretty quick ( like the xxxUSD pairs did downards) I understand that shorts are triggered at X2 but do you terminate the longs at all on these 3 or how do you handle that? I have the last 2 attempts closed the 3 losing longs as soon as they are triggered into their short positions which in my case might be ok as I am only targeting $100 - $150 max at this stage. I guess the unknown risk is that price can spike one way then return quickly ??

Have you got a snapshot to look at ? As I said earlier, its after midnite here when rednews comes so I have to be careful I don't miss all those ZZZZZZZZ LOL
I think if I can establish a strict & successful set of rules with this, then it will be worth getting up at that time of Nite ( morning ).

PM me if you want
0 traders viewing now