Pro Swing Trading

This has always worked for me (unless if news causes no action) but NFP and FOMC is always good.

10 minutes before the news do this:

1) Place a buy stop 12 pips above current price.
2) Place a sell stop 12 pips below current price.
3) Make buy stop's SL the same as sell stop entry price.
4) Make sell stop's SL the same as buy stop entry price.

So if it bounce up and triggers the buy and then down it will cancel buy and sell. I've always profit from it this way, for me the the situation above has never occurred, because of total of 24 pip difference between the buy and sell.

Up to you to put a TP, 30 pips should do, but often 50 is possible, else a trailing stop could also be a good idea.

but which pair would you buy for FOMC?

I've experimented a little before, I found that majors like g/u and e/u could be a bit too jumpy, bad news for usa could mean bad for euro/gbp too, so I'm tending towards aud/usd or cad. Maybe FxAdvice could give some better insight here...

Be very careful - some brokers such as oanda make their spread so wide that both trades can be triggered and stopped before you can do anything about it - for instance, on major news cable is nearly always on a 20 pip spread, and it can last anything between 30 seconds and 10 mins

seems weak USA, at least for start

When day trading the SP and Nasdaq futures, do you rely on your moving averages more than your support & resistant areas?During the first hour of trading, the support and resistance zones on the SP and Nasdaq futures are the most important things to watch. The moving averages have not yet had a chance to come into play.After that, if a trend is developing I watch several key exponential and simple moving averages on the 2 minute, the 5 minute and the 13 minute SP and Nasdaq futures charts.These specific moving averages give reliable support and resistance for the market as long as the slope of the moving averages are fairly steep, indicating a trend. When there is no trend, the moving averages are flat and pretty.

thanks for share your idea... everybody has it own way on forex jungle

Thanks bro for sharing your trading style. It`s appreciated. Just like FxAdvice said, we do have our individual style of trading....cheers!

Federal Reserve Chairman Ben Bernanke has ratcheted up the central bank's focus on the threat of deflation, an attempt to win over inflation hawks ruffled by the prospect of fresh monetary easing.

Three times in its brief post-meeting statement on Tuesday, the Fed's policy-setting committee framed its forecasts and policy stance in terms of returning the path of inflation to levels "consistent with its mandate."

It was a small but substantive modification that, along with a grimmer take on the economy that hinted at lower growth projections, appeared to clear the way for a new phase of bond buying, or quantitative easing.

"It looks to us like the chairman is preparing to take on the hawks," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "This is a big change, and we are inclined to interpret this shift as setting the groundwork for QE part 2."

Shepherdson and many others economists now see the Fed relaunching bond purchases as early as November, expanding on the $1.7 trillion the central bank has already bought.

Bernanke, who is speaking at Princeton University on Friday, was still smarting from a media leak following the Fed's August meeting that cast the central bank as deeply split.

The report in the Wall Street Journal caught the central bank's Washington power center flat-footed as it quickly lost control of the policy message.

The talk of divisions was borne out in subsequent public remarks by Fed officials, who offered differing interpretations for the central bank's August decision to begin using funds from maturing mortgage bonds held in its portfolio to buy more longer-term government debt.

Attuned to the concerns of his more hawkish colleagues, who worry that further asset purchases might not be effective and could fuel financial imbalances, Bernanke has swiftly adapted by framing the argument in terms they may find hard to ignore.

At heart, most hawks see the inflation side of the Fed's dual mandate as leading the employment end. According to this view, the best way to foster a vibrant economy is to ensure that prices rise at a modest and steady clip.

INFLATION FIXATION

By tying future action to the direction of prices, which the Fed statement acknowledged were "below those the committee judges most consistent, over the longer run, with its mandate," Bernanke accomplished two things.

First, he left himself enough wiggle room to take decisive action if the data appear to warrant it.

At the same time, he offered a clearer benchmark for further easing that is more amenable to hawks on the Federal Open Market Committee, represented most loudly by Kansas City Federal Reserve Bank President Thomas Hoenig.

"It's now all about inflation, or the potential lack thereof," said Michael Gregory, senior economist at BMO Capital Markets. "Despite hints of division among Fed policymakers in the recent FOMC minutes and in recent media reports, falling inflation seems to be a rallying cry for common ground."

GBP/CHF hit our first target

missed my entry by 5 pips on the GBPCHF.....
next one.... :O)

me2.... /___
my broker (FXCM) hasn't met the entry point at 1.5400 .... so sad

its better than watching a trade lick your target then come back to break even or worse (if not monitored).

no matter, plenty more trades coming up, when is the AU gunna take a dive DANG IT!

its crazy broker trick... ATC 1.5396 Broco 1.5393

Also i attached FXCM screenshot...

CHEEKY BROKERS!

it was great entry point my friend

Alpari UK - 1.53991.
I was watching on m5 and then m1 and decided to enter manually.

How about the entry right now?
Is Entry Still valid?

It's bouncing off same support again, looks ok to me if you got in right at 1.5400 or lower. Don't think the gold calls are recyclable though.

Gold prices were steady on Friday as disappointing data from the U.S. and Europe renewed concerns over the economic recovery, keeping market sentiment supported.

New claims for unemployment benefits in the U.S. rose last week, and Ireland's economy shrank 1.2 percent in the second quarter.

Spot gold edged down half a dollar at $1,293.05 an ounce by 0347 GMT, below the record high of $1,296.1 hit on Wednesday.

Gold is headed for a weekly gain of 1.5 percent, the second consecutive week of gains.

"In real terms it's hard to say gold prices are too high. I think the price will be quite sticky at these levels. From an investment perspective we are starting to see some substitution of gold for silver. In the other metals palladium may also benefit as a cheaper alternative to gold," Ben Westmore, commodities economist at National Australia Bank.

Dealers said trading was thin in Asia, and gold was expected to move around the current level for the rest of the day, as market players wait for more action when Europe and the U.S. markets open.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust (GLD.P), said its holdings fell to 1,301.433 tons by Sept 23 from 1,304.168 tons on Sept 21.

"The ETF was down because there was some profit-taking interest. Some people liquidated their positions before the weekend. But he trend is still good. The market still has a chance to test $1,300," said a Hong Kong-based trader.

He expected prices to move higher next week when Chinese markets reopen after a public holiday.

"We don't expect much selling in the Chinese market. Prices will mostly be firmer."

Holdings in the world's largest silver-backed exchange-traded fund, the iShares Silver Trust, rose to an all-time high of 9,582.59 tons by Sept 23 from 9,509.55 tons on Sept 21.