all, currently was up +130 pips im gonna try to swing trade this one down...
how do you trade FOMC 34 replies
How to trade NFP/FOMC and make pips 377 replies
Sources for FOMC interest rate information 17 replies
Does anyone trade the FOMC Meeting Minutes/Statement? 2 replies
FOMC tomorrow, should we try to trade the market?? 24 replies
Quoting BurgerKingDisliked@Graco
I was told by an "expert" forex.com user that you should never use "limit orders" with forex.com and instead do "market orders".
Hmm??? can anyone give me reason why I should do market orders at all?
Limit orders are supposedly filled first since the order is already queued. Am I missing something here????
Is this their official answer? Let them put this on writing. It is important that they put this in writing and bound them to their words. Once they do, pull out a tick data from 2:14PM~ 2:20PM and show them that data. The price did not shoot up to 1.2877 in an instant! 1.2855 is also my entry price at FXCM and I was filled this time.Ignored
Quoting aparsaiDislikedI'm glad that you made it. However, my point is that you can make much more out of NFP reports. With NFP there are a few characteristics that make it compelling and worth of trading:
1. There's almost always a difference reported between the Actual value and the Forcast.
2. If the actual is less than forcast the price (gbpusd and eurusd) will definitely go up and vice versa.
3. The price move for GBPUSD is usually over 90 pips so you have the chance to capture at least half of it. There is roughly a 70 pips move with EURUSD.
4. NFP report is reported on the first friday of every month.
With NFP you can easily risk a high percentage of your account with the confidence of making huge money (although it is still risky and you should consider the limitations imposed by your broker).
Now compare this with FOMC interest rate which is reported 8 times a year, the direction of the move is not that clear, the forcast is usually the same as the actual value, the market is really volatile, and the chances to get whipsawed is great.
It's not very difficult to make a 25pips advance in a less volatile situation based on TA. My point is that I prefer to stay out of such a volatile market. However , I would be glad to hear about methods that can help you to deal with the situation and approach this kind of moves.Ignored
Quoting zarniDislikedThen why do you care what happens today?Ignored
Quoting HollisDislikedPlease, don't misunderstand me as I agree with you completely on your views of the NFP and T/A trading, as T/A is my bread and butter (my T/A method involves 50pip trades on a 4hr time-frame for instance). However, to me ignoring today's FOMC trading would have been ignoring free money. Notice I didn't say I was after massive amounts of pips (that's what the NFP is for ), but I will gladly take 20 pips handed to me as it were.
As far as the method to this madness, I simply placed a straddle entry at FXSol's mandatory 25pip difference and set a conservative target. I am fine with the 25pip displacement as it helps to weed out the initial whipsaw as it is and keeps me from trying to overstretch myself and go after a mystical target that will only slap me in the face and make me feel like a failure.Ignored
Quoting narafaDislikedBecause if the market reacted counter to expectations & continued to react this way, it means something is wrong....For example, I expected the USD to rally if there is a pause, which translates into a sell off in gold...However, I don't expect this move to continue & think that it will reverse very soon...If the market traded counter to my expectations, I would get out of my positions...
Currently, the markets did exactly what I was thinking about....Gold spiked up to resistance, failed & then sold off, continuing the correction against the rally from $615-$668...It should then reverse back up towards resistance once again & break it this time....
If gold had rallied on the news and continued to rally, breaking the resistance, I would have gotten out of my position immediately..
That's why the market reaction was very important to me..
Thanks,
NaderIgnored
Quoting HollisDislikedAs far as the method to this madness, I simply placed a straddle entry at FXSol's mandatory 25pip difference and set a conservative target. I am fine with the 25pip displacement as it helps to weed out the initial whipsaw as it is and keeps me from trying to overstretch myself and go after a mystical target that will only slap me in the face and make me feel like a failure.Ignored
Quoting Spectre2006Disliked1.8888 target for gbp/usdIgnored