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Trading aud/nzd successfully

  • #961
  • Jan 12, 2009 7:20pm Jan 12, 2009 7:20pm
Quoting nanningbob
Hit stop loss on 5M but 1H handled it so far. It hit the 5th level retraced for profit and now reentered.
hmm... my 1hr still hasnt hit take profit with default settings.
  • #962
  • Jan 12, 2009 7:32pm Jan 12, 2009 7:32pm
well starting with 1.0 lots on the 5 min stopped out @ 1.2010 for a grand total of -1006.26 $ on mini demo.
entered a new sell @ 1.1989 1 lot.
  • #963
  • Jan 12, 2009 7:32pm Jan 12, 2009 7:32pm
S&P AFFIRMS NEW ZEALAND RTGS; FC OUTLOOK REVISED TO NEGATIVE....NZD/USD falls hard on this news.

AUD following this?
  • #964
  • Jan 12, 2009 7:34pm Jan 12, 2009 7:34pm
I am also running the 1HR and have not had a tp yet either.
  • #965
  • Jan 12, 2009 7:37pm Jan 12, 2009 7:37pm
that is probably the culprit. the nz weakened .
The teal line is the NZD orange is AUD.
Attached Image (click to enlarge)
Click to Enlarge Name: aunz.gif Size: 22 KB
  • #966
  • Jan 12, 2009 7:41pm Jan 12, 2009 7:41pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting nanningbob
Ok I see no major news story, what is going on down under??
NZD business confidence droped from -19 to -64

this is the reason why...
  • #967
  • Jan 12, 2009 7:42pm Jan 12, 2009 7:42pm
Love these news surprises. Dont care what system you use they can always catch you with your pants down. I did not see this on the forex calendar. Anyone know this was coming??
  • #968
  • Jan 12, 2009 7:47pm Jan 12, 2009 7:47pm
I looked 10 minutes ago & it wasn't on the ff calendar. must not be on their radar screen.

here's a little background on it and when it comes out next

http://www.bloggang.com/mainblog.php...up=1&gblog=293
  • #969
  • Jan 12, 2009 7:55pm Jan 12, 2009 7:55pm
Quoting tommyd
I looked 10 minutes ago & it wasn't on the ff calendar. must not be on their radar screen.

Stuff like this is why I went to a wider system EA. This is too close. I will probably widen them some more after this move is done. I have three accounts. 1SL 1 TP and 1 hanging by a thread. IF the third TPs I survive if it stop losses bad day. The drama is unfolding. The problem is the one still surviving is my biggest account, I have the margin to sit on this all day if I need too the tough part is where do I cut my losses if it keeps going. I hate decisions like this.
  • #970
  • Jan 12, 2009 8:02pm Jan 12, 2009 8:02pm
Just to help younger traders I will walk through this in my decision making so win or lose you know what to do. On a pivot, support, resistance, chart, price has halted at M4, which is the halfway point between R1 and R2. It also just broke yesterdays high. This is a place where breakout traders plan to enter the market. It is also a place you cut your losses because it will go outside the range of the EA. If I have a clear break of M4 I will have to eat the loss. If not I will play the bounce off of M4 and take a TP or minimize my loss. The reason I like the Aud/nzd so much is it almost always retraces before its breakout and you can TP or get out with a small loss. I am looking for the retrace.
  • #971
  • Jan 12, 2009 8:03pm Jan 12, 2009 8:03pm
Quoting nanningbob
Stuff like this is why I went to a wider system EA. This is too close. I will probably widen them some more after this move is done. I have three accounts. 1SL 1 TP and 1 hanging by a thread. IF the third TPs I survive if it stop losses bad day. The drama is unfolding. The problem is the one still surviving is my biggest account, I have the margin to sit on this all day if I need too the tough part is where do I cut my losses if it keeps going. I hate decisions like this.
i think it need widen by 10 - 20 pips more. On 1H EA
  • #972
  • Jan 12, 2009 8:08pm Jan 12, 2009 8:08pm
would someone be able to post a 5m chart of todays audNZD, im at work and getting worried as i just started live yesterday lol
Grabbing the bull by the horns!
  • #973
  • Jan 12, 2009 8:08pm Jan 12, 2009 8:08pm
Quoting forexisfx
i think it need widen by 10 - 20 pips more.
The problem is on a major breakout 10-20 pips wont make much of a difference. If price moves up another 1-200 pips that wont help. The key is the retracement and AUD/NZD is the best currency I know for always retracing. If I get it no problem, if not it does a run like other currencies do.
  • #974
  • Jan 12, 2009 8:10pm Jan 12, 2009 8:10pm
Quoting whitegoodman
would someone be able to post a 5m chart of todays audNZD, im at work and getting worried as i just started live yesterday lol
I don't trade 5 mins coz the current setting got too many trades. It's too risky compare to 1H. I only trade 1H
  • #975
  • Jan 12, 2009 8:10pm Jan 12, 2009 8:10pm
Quoting nanningbob
The problem is on a major breakout 10-20 pips wont make much of a difference. If price moves up another 1-200 pips that wont help. The key is the retracement and AUD/NZD is the best currency I know for always retracing. If I get it no problem, if not it does a run like other currencies do.
By increasing 10-20 pips, we increase the level by 1-2 which means we still use lvl 5 and it's actually lvl 6-7. If u increase too many, it's overkill. Major breakout don't occur often and we might just need that 1-2 level to hit TP before it goes to god knows where
  • #976
  • Jan 12, 2009 8:16pm Jan 12, 2009 8:16pm
Quoting whitegoodman
would someone be able to post a 5m chart of todays audNZD, im at work and getting worried as i just started live yesterday lol
Here is 5M with S/R lines, you can see its at m4 and I need to get to m3 to TP. I probably will bail out at S1 and just take my loss. We are hitting the quiet part of the day for Aud/Nzd so you have hours to make this decision but it needs to be made by USA open time.
Attached Image (click to enlarge)
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  • #977
  • Jan 12, 2009 8:17pm Jan 12, 2009 8:17pm
Quoting whitegoodman
would someone be able to post a 5m chart of todays audNZD, im at work and getting worried as i just started live yesterday lol
5 min chart starting to turn down just a itty bit
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 32 KB
  • #978
  • Jan 12, 2009 8:20pm Jan 12, 2009 8:20pm
Quoting forexisfx
By increasing 10-20 pips, we increase the level by 1-2 which means we still use lvl 5 and it's actually lvl 6-7. If u increase too many, it's overkill. Major breakout don't occur often and we might just need that 1-2 level to hit TP before it goes to god knows where
Because I am only using 5 levels on 200 bucks I have to trade differently. In my large account I have more levels to play but I these type of news stories can be scary and just keep running. The Euro did one of these in December and it kept going for almost 5 days. That news adjustment can make a currency run for a while.
  • #979
  • Jan 12, 2009 8:39pm Jan 12, 2009 8:39pm
After that news, I can't see this retracing in the short term. NZ is a small economy of 4 million people. As you say, this could do a Euro before it falls back.
Why didn't any of the TA pick this up as a buy signal earlier?
  • #980
  • Jan 12, 2009 8:40pm Jan 12, 2009 8:40pm
Well. that pretty much was my death trade.
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