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ISM- Red Alert

  • #21
  • Oct 2, 2006 9:32am Oct 2, 2006 9:32am
Ya know, I have a general rule that I don't trade just before a signicant data release. The rule has been pretty good to me in general. However, I have to admit, the fact that the pound went 100 pips without me on a monday morning is smarting a little.
Profit is where readiness meets Opportunity
  • #22
  • Oct 2, 2006 9:34am Oct 2, 2006 9:34am
I went long last friday off the bottom on 8632, now im long,,, ISM has just added to the upside momentum. looking for price to come back up and retrace were in a very large range here on the pound.
  • #23
  • Oct 2, 2006 9:37am Oct 2, 2006 9:37am
FYI: According to mouteki system, GBPUSD is due for an up move since the last candle ending last friday.

There is no scientific reason behind this system but heck it was making good calls!

Quote
I went long last friday off the bottom on 8632, now im lon
SWEET!
I wished I did not hesitate last friday... but being new to mouteki, i cant risk jumping at the very first day..
  • #24
  • Oct 2, 2006 9:38am Oct 2, 2006 9:38am
Quoting BurgerKing
I was worried thinking that ISM could become a DUD as merlin stated...
market barely moved for 20 minutes, thats why i was calling it a dud.

right now im looking to fade this EURUSD rally, if we break the small range created when ISM was released, im short:
Relax and be happy.
  • #25
  • Oct 2, 2006 9:40am Oct 2, 2006 9:40am
I have the same rule. I have a pretty good database of trades for my system (which includes news plays) that goes back a long way. MOST of the time, a pre-announcement move is often a stopout mechanism and the news goes the other way. It isn't always the case, but, I have no problem missing 1 100 pip move if it keeps me out of 30 -20 pip moves.

Don't get too upset. Most of us intraday guys missed this move today. Oh well. There will be another. You have a good rule there. Stick to it.

Quoting FXopportunist
Ya know, I have a general rule that I don't trade just before a signicant data release. The rule has been pretty good to me in general. However, I have to admit, the fact that the pound went 100 pips without me on a monday morning is smarting a little.
  • #26
  • Oct 2, 2006 9:42am Oct 2, 2006 9:42am
Quoting BurgerKing
@learningtheropes

Good thing that you had entered 8725.. and still in trade..

my earlier position exited at 8800 with a minor profit (very small lot) - wished i did not have a TP there

However, after ISM, I went long @ 8832 and exited at 8857 (Fibo Pivot R3 level)

phew... I was worried thinking that ISM could become a DUD as merlin stated... good thing, I kept the position long enough to see it eventually move up!
Good job nonetheless BK............after things settled, I moved my S/L to 8860........so I got 135 all-in.........it was like NFP's premature twin brother!!
  • #27
  • Oct 2, 2006 10:07am Oct 2, 2006 10:07am
Quoting spinmypip
Bef

why the market moved before the news release, it's UNFAIR?
Unfair?

Not gonna pick on you, Spin, but I thought it was funny...

I'm just waiting to read the posts saying that this was a big conspiracy from retail brokers that knew the news release before hand and decided to move the price up in advance to prevent news traders from trading and eating into their profits.

:-)
  • #28
  • Oct 2, 2006 10:08am Oct 2, 2006 10:08am
BK, I followed your charts to a Tee,
if number is lower or close to estimate Buy the euro
I demod the trade the news live feed, and it gave me the number which was lower, i immediately bought and grabbed 10 pips. As I mentioned to you before I work with a mentor he also told me to buy, so our goal quite simple is 100 pips per month with proper account managment. I will keep you abreast and continued thanks...
Enter Signature
  • #29
  • Oct 2, 2006 10:11am Oct 2, 2006 10:11am
How'd you know? It WAS a conspiracy. The ISM people are easily bought by brokers who take OUR money in trades by stop hunting and all kinds of other stuff. They use that to pay off these data guys so that they can make even MORE money. Man, I'm on the wrong side of the business!




(Was that what you were looking for mrmikal?)


Quoting mrmikal
Unfair?

Not gonna pick on you, Spin, but I thought it was funny...

I'm just waiting to read the posts saying that this was a big conspiracy from retail brokers that knew the news release before hand and decided to move the price up in advance to prevent news traders from trading and eating into their profits.

:-)
  • #30
  • Oct 2, 2006 10:43am Oct 2, 2006 10:43am
Didn't smell insider trading on this release, but perhaps there is a way we can get on 'the other side'. Let's create a private sector survey of manufacturing conditions or consumer sentiment and front-run the release!
"Always bet on black"
  • #31
  • Oct 2, 2006 10:47am Oct 2, 2006 10:47am
Quoting enoc2g
I went long last friday off the bottom on 8632, now im long,,, ISM has just added to the upside momentum. looking for price to come back up and retrace were in a very large range here on the pound.
, 86 was good support. I was in a bit higher, @ 8660.
  • #32
  • Last Post: Oct 2, 2006 11:48am Oct 2, 2006 11:48am
Quoting BurgerKing
FYI: According to mouteki system, GBPUSD is due for an up move since the last candle ending last friday.

There is no scientific reason behind this system but heck it was making good calls!


SWEET!
I wished I did not hesitate last friday... but being new to mouteki, i cant risk jumping at the very first day..

My First mouteki trade, entered market and went long on the GBP/USD pair at 1.8732, still in. Me thinks me likes.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
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