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FOMC tomorrow, should we try to trade the market??

  • #21
  • May 10, 2006 7:40pm May 10, 2006 7:40pm
Well I stayed out of the market today to preserve funds.....

I am up big these last 25 days and want to keep my profits!

Merlin, any thoughts of where we go from here??

thanks
"We are the superior beings, we obey no one!"
  • #22
  • May 10, 2006 7:43pm May 10, 2006 7:43pm
Quoting bigballer
Merlin, any thoughts of where we go from here??
dont ask me! i was pretty confused by today's action. the statement read dollar bullish to me. the market couldnt make up its mind for a while there. damn bernanke is going to keep us guessing like greenspan!
Relax and be happy.
  • #23
  • May 10, 2006 8:00pm May 10, 2006 8:00pm
I think it will end up being dollar bullish. I took your advice and compared what they said today with the last time... We shall see, Scott



Quoting merlin
dont ask me! i was pretty confused by today's action. the statement read dollar bullish to me. the market couldnt make up its mind for a while there. damn bernanke is going to keep us guessing like greenspan!
  • #24
  • May 10, 2006 9:48pm May 10, 2006 9:48pm
I tried this approach with the FOMC report today. The Short answer= I lost due to my stop loss being "triggered" by a bounce as the EUR/USD fell. I watched the monitor and thought I was doing great, but look at my account balance and the truth was saddening.

Long answer=I suspect you can successfully play a breakout this way, but I would want an order that filling one kills the other AND you would need to set some wide parameters.

But, I suspect there is some reason that this would fail that I am not seeing. I thought I did well today, but....... I am learning.
peace
  • #25
  • Last Post: May 10, 2006 9:55pm May 10, 2006 9:55pm
Yes there was a huge "high wave" candle It would have hit most stops. I did not trade the news. If anything I usually trade 15 minutes or so after the news, but I did not like the high wave candle so I stayed out.
Scott


Quoting squat1962
I tried this approach with the FOMC report today. The Short answer= I lost due to my stop loss being "triggered" by a bounce as the EUR/USD fell. I watched the monitor and thought I was doing great, but look at my account balance and the truth was saddening.

Long answer=I suspect you can successfully play a breakout this way, but I would want an order that filling one kills the other AND you would need to set some wide parameters.

But, I suspect there is some reason that this would fail that I am not seeing. I thought I did well today, but....... I am learning.
peace
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