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NZ Current Account

  • #1
  • First Post: Sep 20, 2006 5:46pm Sep 20, 2006 5:46pm
Did anyone just trade the NZ current account news item? Almost 60 pip spike in the first minute. These NZ news seem to be doing lot better than all the other US and UK news lately. Each one of them have been producing huge initial spikes.
  • #2
  • Edited 8:43pm Sep 20, 2006 5:56pm | Edited 8:43pm
I did. NZ news are clean movers and move big time.

Though straddling is great for this one, IBFX widened the spread so wide than upon entry, it stopped out on its own.

Lesson Learned: When trading with broker that widens spread, put a bigger SL.
  • #3
  • Sep 20, 2006 6:05pm Sep 20, 2006 6:05pm
Yea was good one to trade... 'll add it to Lets Trade The News File !
Charting Markets into the Future...MǎҖ€¥.
  • #4
  • Sep 20, 2006 7:31pm Sep 20, 2006 7:31pm
I did!!! 2 Lots and 58pips later, $1100. Hopefully my girfriend doesn't see the check when I get it from the broker, she will spend 80% of it, and give me some lame excuse, I'm a sucker for her excuses, and I'll believe it and we'll go watch Desire and Fashion House later that night and that'll be where all of the effort myself and anyone here who has helped me will have landed me.

P.S.

She never misses any checks in the mail. So I'll thank everyone for her in advance. Hopefully she buys me something.

Anyone else with similar experiences??? Lets start a Thread!
-The Drizzle
  • #5
  • Sep 20, 2006 9:00pm Sep 20, 2006 9:00pm
Quoting BurgerKing
I did. NZ news are clean movers and move big time.

Though straddling is great for this one, IBFX widened the spread so wide than upon entry, it stopped out on its own.

Lesson Learned: When trading with broker that widens spread, put a bigger SL.

How wide were the spreads?
And how far away were your stops??
  • #6
  • Sep 20, 2006 9:08pm Sep 20, 2006 9:08pm
Quoting PipStar
How wide were the spreads?
And how far away were your stops??
Its my 1st NZ news with IBFX so I never had the idea how wide their spreads would be on NZ..

My Stop is 10 Pips as always. And the spread widened to 10 or even 12 pips for a quick entry-close in a split second. OR is IBFX doing stop hunting? I heard that IBFX does this..
  • #7
  • Sep 20, 2006 9:22pm Sep 20, 2006 9:22pm
Quoting BurgerKing
Its my 1st NZ news with IBFX so I never had the idea how wide their spreads would be on NZ..

My Stop is 10 Pips as always. And the spread widened to 10 or even 12 pips for a quick entry-close in a split second. OR is IBFX doing stop hunting? I heard that IBFX does this..
I don't think it is stop hunting just that your stops were too close at volatile news time. The spread widening also happens with other announcements for all the major currencies most notably GBP.They say it comes from their liquidity providers.
When you said that the spreads were wide for the NZD announcement, I thought they were even wider than what your specified. I did not watch the announcement.
  • #8
  • Sep 21, 2006 6:20am Sep 21, 2006 6:20am
I got into the trade (filled perfectly at IBFX) in my absence using AmazingEa, but looks like I got immediately stopped out due to my 10pip SL... Lesson learned!.. Would have been the perfect profit to wake up to this morning... next time I'll increase SL to 12-15.
  • #9
  • Sep 21, 2006 6:34pm Sep 21, 2006 6:34pm
What was the exact time the news was released anyways?

I looked back at my trade at it says that I was entered 22:44.

And by 22:45, it retraced by 10 pips up before moving down 50 pips. Question to you all, when were you entered? did you get entered at 22:44 also? If so, there was totally no chance of a win. The retrace made sure of that!
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  • #10
  • Sep 22, 2006 4:32am Sep 22, 2006 4:32am
Hi BK


It did, and with a 10 pip sl, it would be have been game over anyway... however, I did check with IBFX and they confirmed the spread was the reason my trade was stopped out. IF the sl had been, say 15, the trade would have succeeded and tp/ ts hit easily.... Better try again next month!
  • #11
  • Last Post: Sep 22, 2006 4:50am Sep 22, 2006 4:50am
Quoting roberhert
Hi BK


It did, and with a 10 pip sl, it would be have been game over anyway... however, I did check with IBFX and they confirmed the spread was the reason my trade was stopped out. IF the sl had been, say 15, the trade would have succeeded and tp/ ts hit easily.... Better try again next month!
What was your entry price anyway? Mine was 0.6620, and a few seconds after 6:45:00, the price spiked up by 10 pips over at IBFX. 10 pips spike + 10 pips spread is totally a loss for us there.

The best perhaps is to straddle a little farther away - perhaps 15 pips away next time so we dont get entered prematurely... OR perhaps do something like AmazingEA is doing. It first checks the Highs and Lows of the previous bars then add a safety distance as entry points. The problem to this strategy is that, it will work only for big time movers (50++ pips) with a very conservative 10-15 TP.
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