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Trading Made Simple

  • #18,561
  • May 2, 2013 10:07am May 2, 2013 10:07am
Nellycopter
Quote
would you agree with BIG E and avoid all news that has the red marker in FFnews ??

Whenever possible. If it can not be avoided altogether, at least have stops in place.

Even within the "red" folders there is a variance in market impact and we NEVER know for sure what that will be.

When trading intraday, I always do my best to wait at least 15 minutes after such announcements for a clearer direction to reveal itself and then consider my alerts for valid signals.

dcginc
  • #18,562
  • May 2, 2013 10:22am May 2, 2013 10:22am
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Dear Traders , I enter before Rate Bids and Unemployment , Because i had to go out , Now did lower S/L and leave it open . Any advice please , Malcolm .
  • #18,563
  • May 2, 2013 10:26am May 2, 2013 10:26am
The News.. Something that was invented by the brokers and the banks just to take your hard earned money..

If you do not know how to trade the news, then leave it alone. BUT, what was wrong with the attached trade, the initial news spike was over and sentiment was clear. If you were reading PASR why would you not have taken these trades. Price rejected the previous high and descending trend line, which incidentally, was top of the Pennant clearly visible on the daily and the 4 hr. i do not have EJ available on my platform I wish I did. But I did take an identical trade short on EU and Banked 100 pips.

So quake in your shoes before and during the news, but after, get on with it!
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Cut your Losers short and let your Winners run.
  • #18,564
  • May 2, 2013 10:27am May 2, 2013 10:27am
Quoting dcginc
TheScorpsS{quote} Normal is relative to your trading personality and trading style. The key statement is that you understand the risk. That alone distinguishes you from the majority of struggling traders. That risk acceptance implies you have data and experience to support your decision to enter the market. The fact that you followed your trade plan and the trades were winners is also enlightening. Nice work. However, if you consider yourself in intraday trader, you must also incorporate "outside" intraday variables in addition to your trading...
Thank you dcginc for your help, this thing as accepting risk and totally understand it has done a huge impact and was a key turning point in my trading with other factors, and most of them are psychological, this is the first week that I felt positive , I started trading in mid Oct 2012, and this is the first week that I am on the green side

I hope I get the lesson on the news from you sir, have a nice weekend in-front and wishing you the best with your new course
I Have Learned to Take Some Losses to Make Profits
  • #18,565
  • May 2, 2013 10:44am May 2, 2013 10:44am
Quoting snarlyjack
Guys and Gals, I'm to the point that I don't use the stochastics that much anymore and just rely on the TDI indicator. The stochastics cycles differently than the TDI and I trust the TDI more. (but that's just me)... Also I work at night. Before I go to work I'll set my trades (2 four hour bars). I work from 10:00 P.M. to 6:00 A.M. mountain standard time which is about 4 hours before the London open. I'll set a $100.00 hard stop (just in case) and go to work. I can't check my charts until I get home again 8 hours later. For the most part 80%...
Hi Snarlyjack,

I am curious that which pair u trade?

I am from Malaysia (Singapore, Hong Kong time zone), so your time 10:00 P.M. and 6:00 A.M is equal to what time in Malaysia?

Hope that anyone can help me to solve this question.

Thank you,
Prominent88
  • #18,566
  • May 2, 2013 10:44am May 2, 2013 10:44am
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Dear Traders , (In H4 , i ve lower S/ L to 1.13115 , Im following ADR1.0 as usual with S/L with eu , ?
  • #18,567
  • May 2, 2013 10:57am May 2, 2013 10:57am
Quoting dee50
The News.. Something that was invented by the brokers and the banks just to take your hard earned money.. If you do not know how to trade the news, then leave it alone. BUT, what was wrong with the attached trade, the initial news spike was over and sentiment was clear. If you were reading PASR why would you not have taken these trades. Price rejected the previous high and descending trend line, which incidentally, was top of the Pennant clearly visible on the daily and the 4 hr. i do not have EJ available on my platform I wish I did....
I totally have forgot about the ECB news somehow and the rest of news because I think there's some kind of connection with between USD and EUR/JPY

I had a plan today which was circulating in my thoughts through the day after seeing LO this morning did not actually have a decent trade so there was something really happening this evening, my plan was to wait and see how PA react with NY open , but forgot about that plan, discipline issues again , your explanation on EUR/JPY was invisible to me to go short, I still have to work on TA part as both TA and Psychological part both on the improvement side, day by day, the amount of information ones has to read and grasp is huge when it comes to FX so the development would definitely needs time in my case

Thank you again, I will save the chart you posted with the EUR/JPY trade that I took for future reviewing and studying , thank you
I Have Learned to Take Some Losses to Make Profits
  • #18,568
  • May 2, 2013 11:04am May 2, 2013 11:04am
Two losing trades for me today.....it has been a long time since I've had two losers in one day but THATS TRADING!! I am still in profit for the week and the month and the year....no worries....on to the next trade......

Trade 1.....entered on a continuation of the late Asian session PA on the LO candle....not really a good setup but I had been successful on the three previous days with continuation trades....turned out to be a LO fake-out move.....should have waited for a better set-up....price moved 20 pips in my favor and pulled back....exited manually at -17 (if price had moved 3 more pips in my favor, my EA would have kicked in and stopped me out at BE).

Trade 2....entered long on a good setup (pullback of LO candle, break above previous candle and TDI green crossed over red and about to cross yellow and the 50 line)....went back to bed....woke up to find that news had caused a spike down and taken out my stop and then moved back above my entry for 180 pips in my favor.

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  • #18,569
  • May 2, 2013 11:17am May 2, 2013 11:17am
My conclusion concerning trading "news" is following, first of all I must be a regular and profitable trader. When I finally will be one, there is NO REASON to trade "news". On normal, everyday markets there are tons of opportunities. Why specially loosing time and master something what can be used once a week with very high risk that will do not work out?
JacekPreserve Precious Capital
  • #18,570
  • May 2, 2013 11:32am May 2, 2013 11:32am
Is this a chart that is trying to tell you something. It does not take long to mark up a chart. 5 seconds for the Fibonacci and approx 10 seconds for each of the trend lines. So 25 seconds to create something that has been valid for 16 days possibly a few more.
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Cut your Losers short and let your Winners run.
  • #18,571
  • May 2, 2013 11:50am May 2, 2013 11:50am
Quoting Jackub
My conclusion concerning trading "news" is following, first of all I must be a regular and profitable trader. When I finally will be one, there is NO REASON to trade "news". On normal, everyday markets there are tons of opportunities. Why specially loosing time and master something what can be used once a week with very high risk that will do not work out?
News trading requires a particular skill set that few are able to develope, so you are correct, you should not trade the news.

But for your information. In the futures market EURUSD

The ECB Rate anouncement. The first 15 minutes 40,500 contracts traded.Then 12,000, Then 5,500, then 35,500 Then 27,000.
The ECB Press conference. The first 15 minutes, 63,500 contracts traded. Then 28,500, then 18,600 then 13,400 then 8,200 then 9,000 then 1,400

Price moved Top to Bottom 160 pips

There are clearly a lot of misguided people about and the number of contracts traded would suggest that there are quite a few that work for the bigger organisations.
Cut your Losers short and let your Winners run.
  • #18,572
  • May 2, 2013 12:15pm May 2, 2013 12:15pm
2 trades with the big E method with ease, for a long time it does not put arrived :-)
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  • #18,573
  • May 2, 2013 1:18pm May 2, 2013 1:18pm
dee50
Quote
News trading requires a particular skill set that few are able to develop, so you are correct, you should not trade the news.

I couldn't agree more, and even more correct to just let the market settle and get on with it and follow your plan.

I also would say stay in your comfort zone. If you are not a news trader, no need to become one.

Unfortunately, most traders will see the huge swings and potential profit from such announcements and mistakenly assume they can jump into the fray during the first minute of subsequent high impact news and they inevitably get squashed.

No need to fear if you are prepared. Be ready and patient - it always pays.

dcginc
  • #18,574
  • May 2, 2013 1:23pm May 2, 2013 1:23pm
TheScorps
Quote
this is the first week that I am on the green side

I hope I get the lesson on the news from you sir, have a nice weekend in-front and wishing you the best with your new course

Same to you. Glad you are getting green and being rewarded for your hard work.

Thanks for the wishes on the course. Great response so far and lots of traders beginning to realize that this profession is 90% psychological and 10% technical.

All the best.

dcginc
  • #18,575
  • May 2, 2013 1:34pm May 2, 2013 1:34pm
Quoting Phx62
Two losing trades for me today.....it has been a long time since I've had two losers in one day but THATS TRADING!! I am still in profit for the week and the month and the year....no worries....on to the next trade...... Trade 1.....entered on a continuation of the late Asian session PA on the LO candle....not really a good setup but I had been successful on the three previous days with continuation trades....turned out to be a LO fake-out move.....should have waited for a better set-up....price moved 20 pips in my favor and pulled back....exited...
Bad news: Told myself not to enter because of news. I took two trades anyway and got stop lossed
Good news: I got stop lossed on the exact same trades as yours

I have never felt so good about getting stopped out.
  • #18,576
  • May 2, 2013 1:38pm May 2, 2013 1:38pm
Quoting tenmilewalk
{quote} Bad news: Told myself not to enter because of news. I took two trades anyway and got stop lossed Good news: I got stop lossed on the exact same trades as yours I have never felt so good about getting stopped out.
Come one tenmilewalk!! I will garatee, you will fill much better geting Phx62 Take Profits...
JacekPreserve Precious Capital
  • #18,577
  • May 2, 2013 1:47pm May 2, 2013 1:47pm
Quoting Jackub
{quote} Come one tenmilewalk!! I will garatee, you will fill much better geting Phx62 Take Profits...
hey jackub. I do I also another 3 out of the 5 trades he took this week
  • #18,578
  • May 2, 2013 1:50pm May 2, 2013 1:50pm
Quoting tenmilewalk
{quote} hey jackub. I do I also another 3 out of the 5 trades he took this week
Good job tenmilewalk..
JacekPreserve Precious Capital
  • #18,579
  • May 2, 2013 2:08pm May 2, 2013 2:08pm
thanks!
  • #18,580
  • May 2, 2013 2:14pm May 2, 2013 2:14pm
Quoting tenmilewalk
{quote} hey jackub. I do I also another 3 out of the 5 trades he took this week
Nice job tenmile........
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