Bit of time and price analysis makes me think the doller is going to reverse today.
Smalldog
Smalldog
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DislikedOk for the ones who might have the question...
"How am I gonna sail safe trough this upcoming storm"...
Scenario 1: Safe option
Don't leave the harbour...don't trade, stay in and watch market choose final direction, either up or down, there will be plenty of pips to be made once initial blast is settled.
Scenario 2: My scenario
I'm hedging this monster with 2 small positions and wide SL's on first news release, since retrace is possible before second news round at 3pm (GMT) comes out.
Risk..if we head below 1.55 with a clear break...we might not see a retrace soon, will accept a loss, covered anyway since I'm hedged and open larger positions if trend is settled
Scenario 3: Gamble
Choose your direction before news release and "gamble" on forecasts...
Not my advice..but if your on the right side...you can make a huge profit instantly
I would advice scenario 1 if you are new or don't have a large margin to cover...
As always...Just my 2 Cents...Ignored
DislikedHello all... always looked but never written, why not hedge the non-farms with stop losses both ways with TP's set higher that way you get taken out in the wrong direction very quickly. For example I hedged on the news yesterday and got stopped lossed for about 8 points and I net 74 pts shorting the dollar vs the Euro. Just an idea to play news if you like to do that sort of thing. Not going to say good luck, this is not about luck it is skill and analysis.Ignored
DislikedI used to do that all the time. You make some serious money, part of the time. All in all, I dug myself lots of deep holes with that strategy, however, so now I try never to trade the news.Ignored
DislikedI'm out for now..TP 1.553..don't see it breaking the main LTL yet, possible retrace here IMO and possible new attempt after 3pm (GMT) news release
Just my 2 Cents...Ignored
DislikedIsn't it possible to open a ONE CANCELS OTHER (OCO) order to say go long 10 pips above the 08:29:59 price and short 10 pips below before the announcement? Has anyone tried this before?Ignored
DislikedI'm out for now..TP 1.553..don't see it breaking the main LTL yet, possible retrace here IMO and possible new attempt after 3pm (GMT) news release
Just my 2 Cents...Ignored
DislikedLooks more of a now or never (the next month) situ to me. Let's see..Ignored
DislikedRussell, sometimes there are false breakout. The price just go around 10 pips after the swing high and low and just reverse again. How do you identify this? I bet you don't just enter the trade when you see the price broke through do you?Ignored
DislikedOk for the ones who might have the question...
"How am I gonna sail safe trough this upcoming storm"...
Scenario 1: Safe option
Don't leave the harbour...don't trade, stay in and watch market choose final direction, either up or down, there will be plenty of pips to be made once initial blast is settled.
Scenario 2: My scenario
I'm hedging this monster with 2 small positions and wide SL's on first news release, since retrace is possible before second news round at 3pm (GMT) comes out.
Risk..if we head below 1.55 with a clear break...we might not see a retrace soon, will accept a loss, covered anyway since I'm hedged and open larger positions if trend is settled
Scenario 3: Gamble
Choose your direction before news release and "gamble" on forecasts...
Not my advice..but if your on the right side...you can make a huge profit instantly
I would advice scenario 1 if you are new or don't have a large margin to cover...
As always...Just my 2 Cents...Ignored