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  • #7,961
  • May 16, 2013 9:14am May 16, 2013 9:14am
closed after only 8 pips (this is fear)

please, anyone could tell me if I've done all right?
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Click to Enlarge Name: eu5sec.jpg Size: 199 KB
Don't give up
  • #7,962
  • May 16, 2013 9:28am May 16, 2013 9:28am
Quoting geomink
closed after only 8 pips (this is fear) please, anyone could tell me if I've done all right? {image}
IMHO, an easy 8 pips is always better than a sleepless night waiting for 40+ pips profit targets to materialize. I have been through that and did not enjoy it at all. Of course a bit win feels good, but I'm in this business to make money, not to chase after big wins. Anytime I can make money with lower risk and high probability I'll take it. Risk and profitability are two end of the stick, you can't have both at the same time.

Think of it, this 20 pips +/- a couple depending on your entry point, is a free kick zone for us smaller players. The idea is to hitch a ride and get out before the price retrace, because that's when the big players come in to eat up the rest of the market who put in weak stops but lofty profit targets. By then most of us here would had already taken our profits and watching the carnage that follows with a nice cool beer.
  • #7,963
  • May 16, 2013 9:34am May 16, 2013 9:34am
Quoting Journeyman
{quote} IMHO, an easy 8 pips is always better than a sleepless night waiting for 40+ pips profit targets to materialize. I have been through that and did not enjoy it at all. Of course a bit win feels good, but I'm in this business to make money, not to chase after big wins. Anytime I can make money with lower risk and high probability I'll take it. Risk and profitability are two end of the stick, you can't have both at the same time. Think of it, this 20 pips +/- a couple depending on your entry point, is a free kick zone for us smaller players....
yes Journey, thank you

may I ask you any question please?

watching my chart, is it all well done?
reading the list of tradable news event of Tony, thesy seem not as much....
do you trade only the news of eur/usd or other pairs also?

thank you in advance
Don't give up
  • #7,964
  • May 16, 2013 9:49am May 16, 2013 9:49am
Quoting geomink
{quote} yes Journey, thank you may I ask you any question please? watching my chart, is it all well done? reading the list of tradable news event of Tony, thesy seem not as much.... do you trade only the news of eur/usd or other pairs also? thank you in advance
I'm essentially using the strategy which Tony posted. However as Tony's list of news is still evolving, I'll just look for those which are know to be moderately or highly market moving. Also I am studying the first 5 sec candle at market open and how it relates to the price movement when the news is released; so far I find there seem to be some relationship between that first candle and the eventual price direction when news is released, but I'm keeping an open mind.

I trade only EURUSD, because liquidity, low spread and responsiveness to news events matters a lot for us. Maybe I will explore other currencies to maximise my money making opportunities in due course, but now I'm still new to the Tony's method, it's best to follow his concepts as much as possible.
  • #7,965
  • May 16, 2013 9:57am May 16, 2013 9:57am
Quoting Journeyman
{quote} I'm essentially using the strategy which Tony posted. However as Tony's list of news is still evolving, I'll just look for those which are know to be moderately or highly market moving. Also I am studying the first 5 sec candle at market open and how it relates to the price movement when the news is released; so far I find there seem to be some relationship between that first candle and the eventual price direction when news is released, but I'm keeping an open mind. I trade only EURUSD, because liquidity, low spread and responsiveness to...
Don't give up
  • #7,966
  • May 16, 2013 10:14am May 16, 2013 10:14am
Quoting geomink
{quote}


Geo, what you have to do is wait only for the news listed on the first page. Then, you have to set LIMIT-BUY AND LIMIT SELL orders just above/below the current price, before the news comes out. Once you're in the trade, set 0SL as soon as you're in profit.
Invest in alarm clocks
  • #7,967
  • May 16, 2013 11:08am May 16, 2013 11:08am
Took about 15 pips of this news. Well, I know I'm doing it wrong, but i found, that my broker somehow lets me open orders with much more money I am having on my account and only with limit orders. I put the first pair of orders 6 pip above and below, then another pair to 7 pips and the 3rd to 8 pips. On every order I risked with 100% and all buy orders were triggered. So in the end I earned 3*15=45 pips and 150% of profit. It is risky, but I have nothing to lose anymore, only time. Hope next week French and German Flash Manufactring will have good movement.
  • #7,968
  • May 16, 2013 12:45pm May 16, 2013 12:45pm
Tony112 is it ok if I code a EA for this strategy and attacht it here ? or I can code a script to open the trades and manage them ?
  • #7,969
  • May 16, 2013 3:09pm May 16, 2013 3:09pm
you put a limit orders and not buy stop or sell stop? is it means that you buy when price go down a little pips and sell when go up ?
please be clear
If its not boring .. you are not trading correctly
  • #7,970
  • May 16, 2013 4:36pm May 16, 2013 4:36pm
Please confirm my understanding. You are effectively straddling the news? Or certain news.

Placing BUY and SELL orders either side of the price just before the news is announced. Is this correct?

Thanks.
  • #7,971
  • May 17, 2013 9:04am May 17, 2013 9:04am
Oanda started lower spreads during news, I'm very proud of them. For the moment, it's safer to only trade the original list on page no.1. This was only a test.
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Invest in alarm clocks
  • #7,972
  • May 17, 2013 11:04am May 17, 2013 11:04am
Quoting Tony112
Oanda started lower spreads during news, I'm very proud of them. For the moment, it's safer to only trade the original list on page no.1. This was only a test. {image}
Very tempting to move to Oanda...
  • #7,973
  • May 17, 2013 11:10am May 17, 2013 11:10am
Quoting Tony112
Oanda started lower spreads during news, I'm very proud of them. For the moment, it's safer to only trade the original list on page no.1. This was only a test. {image}
I know that is your recent observation, but has Oanda announced that as well? it would add to the credibility of that statement if Oanda also did. They could very well go back to wide spreads next week or next news release, who knows.
  • #7,974
  • May 17, 2013 12:54pm May 17, 2013 12:54pm
Quoting bravester
{quote} I know that is your recent observation, but has Oanda announced that as well? it would add to the credibility of that statement if Oanda also did. They could very well go back to wide spreads next week or next news release, who knows.
I've observed recent lowering of the spreads. It's a personal observation and noticed it only on EUR/USD. Some major news on the GBP for example have huge spreads still (up to 20 pips spread). Nothing is confirmed and for sure... All I can say is that recent EUR news have maintained a spread, lower than 5 pips.
Invest in alarm clocks
  • #7,975
  • May 17, 2013 1:03pm May 17, 2013 1:03pm
Guys , you just put a buy stop up the current price and sell stop down?
If its not boring .. you are not trading correctly
  • #7,976
  • May 17, 2013 1:17pm May 17, 2013 1:17pm
Thanks for ignoring me, but let me say its just a very old idea calls Trading With the News, you all knows it from old ages, and its the very easy way that to let market eat your stops.
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If its not boring .. you are not trading correctly
  • #7,977
  • May 17, 2013 2:10pm May 17, 2013 2:10pm
This is true, however, using very small stops on a 5 second chart puts the odds in our favor. A small stop loss that may get hit is acceptable if a potential win is several times larger. Using this idea from such small time frame puts us at an advantage because the news will typically create a instant spike in one direction which is where we can take profit or move a stop to breakeven and let it ride. We cannot predict exactly what the market will do so our best bet is to get on when we KNOW there will be momentum. (i.e. trading news that creates impact) You may have figured this out already but if not then I hope this helps you and others.
  • #7,978
  • May 17, 2013 8:32pm May 17, 2013 8:32pm
Quoting mohamed6069
Thanks for ignoring me, but let me say its just a very old idea calls Trading With the News, you all knows it from old ages, and its the very easy way that to let market eat your stops. {image}
I did wanted to respond initially, but that "so that's what its about tone" of your initial post and this one, just didn't come across too well. Respectfully, I like to point out that nobody's job to convince you it will work, and nobody owes anybody a reply, it is your trade and your responsibility.

Essentially that's what it is - straddle trades. But if you stop at there without fully understanding the instructions in Page 1 and following it to the letter, then its just another strategy from "old ages" which has been proven to be of limited value. The classic "old age" straddle trades requires a period of consolidation prior to placing your bets. In this fast moving and changing markets, we do not have the luxury of a consolidation period which makes it really hard to figure out where to place the buy and sell order.

I have been using this "classic" for quite some time and had pretty good success rates before stumbling into this thread. However there was one trade this month where both sides were triggered in rapid succession and I was hit with 2 stop losses in a night (there were other mishaps too which is not relevant to this discussion). Until now I'm still feeling the pain and recovering from the losses. From my mistake, I learned that my stop loss and profit targets were not optimal, and so was my entry point.

So straddle trades have it's inherent risk, especially when the news release comes out mixed, i.e. certain data positive and certain data negative. That is why it is important to be very selective of which news to trade, how you set your stop losses and your profit targets. And this is what I learn from Page 1 of this thread.
  • #7,979
  • May 17, 2013 9:49pm May 17, 2013 9:49pm
Quoting mohamed6069
Thanks for ignoring me, but let me say its just a very old idea calls Trading With the News, you all knows it from old ages, and its the very easy way that to let market eat your stops. {image}
It's all about trading a few selected news, that don't normally eat your stop and using 0SL immediately. I long time known technique is also a working technique. Why reinvent the wheel. On page no. 1 you have the exact formula to become a millionaire.
Invest in alarm clocks
  • #7,980
  • May 17, 2013 9:54pm May 17, 2013 9:54pm
Quoting geomink
closed after only 8 pips (this is fear) please, anyone could tell me if I've done all right? {image}
very good Geo, you'll remake-back all your money like that!!!!! don't forget to trade ONLY THE NEWS listed on page no.1

also, as soon as you enter the news and price goes past your entry.. set a 0SL you know how to do that right?

do that and in a year you're gonna have all your money back I place a bet on that! as long as you don't do no random trades and don't trade other whipsawing news! only the list
Invest in alarm clocks
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