anyone see any good trades today? looks like everything is floating around in the neutral right now and from what i see, about everything is looking to pull back somewhat. atleast, no momentum in the trending directions.
- #2,006
- Sep 10, 2009 12:38am Sep 10, 2009 12:38am
anyone see any good trades today? looks like everything is floating around in the neutral right now and from what i see, about everything is looking to pull back somewhat. atleast, no momentum in the trending directions.
.
Better a realistic small pip than a fantasy big pip
- #2,008
- Edited 3:58am Sep 10, 2009 3:28am | Edited 3:58am
Hi All,
G/Y Daily is attached.
Today is a big news day for the G/Y and also for several other pairs.
Extreme caution should be exercised during these times and holding positions in the currencies affected is particularly dangerous and equates essentially to ignoring a known risk - this is poor MM so let's try to avoid it.
That being said, it is not impossible to win using news events as trade opportunities you just need to use the news to your advantage. Let it break, get a feel for the market reaction (never happens before at least the first 5min candle has finished) and by the finish of the 3rd 5min candle post news release it is normally possible to have an idea if it is going to start a longer trend or if the market thinks it is neutral. It is just unlikely to work using the ichimoku system as ichi trades trends and doesn't predict the start of them!!
In support of this statement, I have got for you below a really great article written by David Song from Dailyfx. He looks to trade interest rate decisions on a regular basis and fully explains his theory behind it.
When you see his report you will notice there are charts attached showing the reaction on the 5 min chart to the news and then what unfolds as the market digests it over the next few hours.
I have 2 points to make about these charts and what they tell us.
1.
If you try to get in before the move - you are gambling and aren't a serious trader (unless you know the Governor of the BoE and he's given you a hot tip)
If you try to get in immediately after the move, you have likely missed most of the action as the large players blow the price to high heaven, no brokers know where the price is so you pay massive spreads and will likely see an almost immediate retracement in your entry position - I have tried this numerous times and it is a fools game that costs money
2.
Each chart retraces against the immediate and strong move between 30-50%.
Each chart also offers an entry point back in to the move post initial jump that would have netted more pips, given you a fair spread on entry and not caused incontinence, hair to fall out, people to age prematurely from stress etc.
The moral of this is that if you feel yourself having to join the chaos - do it 1.5-3 hours after the initial 5min candle on a decent retracement.
This time period funnily enough equates to the London/European traders' lunch periods - when even they take time away from their screens and think about what the real underlying consequences are for the pair and then make an informed trade based on consideration and analysis rather than a wing and a prayer.
Trading the GBP Interest Rate Decision
Happy hunting everyone.
Cheers.
G/Y Daily is attached.
Today is a big news day for the G/Y and also for several other pairs.
Extreme caution should be exercised during these times and holding positions in the currencies affected is particularly dangerous and equates essentially to ignoring a known risk - this is poor MM so let's try to avoid it.
That being said, it is not impossible to win using news events as trade opportunities you just need to use the news to your advantage. Let it break, get a feel for the market reaction (never happens before at least the first 5min candle has finished) and by the finish of the 3rd 5min candle post news release it is normally possible to have an idea if it is going to start a longer trend or if the market thinks it is neutral. It is just unlikely to work using the ichimoku system as ichi trades trends and doesn't predict the start of them!!
In support of this statement, I have got for you below a really great article written by David Song from Dailyfx. He looks to trade interest rate decisions on a regular basis and fully explains his theory behind it.
When you see his report you will notice there are charts attached showing the reaction on the 5 min chart to the news and then what unfolds as the market digests it over the next few hours.
I have 2 points to make about these charts and what they tell us.
1.
If you try to get in before the move - you are gambling and aren't a serious trader (unless you know the Governor of the BoE and he's given you a hot tip)
If you try to get in immediately after the move, you have likely missed most of the action as the large players blow the price to high heaven, no brokers know where the price is so you pay massive spreads and will likely see an almost immediate retracement in your entry position - I have tried this numerous times and it is a fools game that costs money
2.
Each chart retraces against the immediate and strong move between 30-50%.
Each chart also offers an entry point back in to the move post initial jump that would have netted more pips, given you a fair spread on entry and not caused incontinence, hair to fall out, people to age prematurely from stress etc.
The moral of this is that if you feel yourself having to join the chaos - do it 1.5-3 hours after the initial 5min candle on a decent retracement.
This time period funnily enough equates to the London/European traders' lunch periods - when even they take time away from their screens and think about what the real underlying consequences are for the pair and then make an informed trade based on consideration and analysis rather than a wing and a prayer.
Trading the GBP Interest Rate Decision
Happy hunting everyone.
Cheers.
- #2,012
- Sep 10, 2009 5:25am Sep 10, 2009 5:25am
Morning Guys,
This is my first post on FF and first off I'd like to say a massive thank you to Vic and the rest of you guys for making a fantastic thread. I have been reading through it for the last 48 hours and am on around page 60 however I'd thought I'd say hi while I was doing it.
I've been trading for about a year now and have always been interested in Ichimoku however just the look of it was also a bit scary and put me off. Anyway, the last couple of days I've been reading all I can and feel like I have a pretty good grasp of it and am massively...
While your Ichimoku's experience is growth, I believe, you will get better n better considerations along different signals between timeframes.
Hope help.
Better a realistic small pip than a fantasy big pip
