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  • #9,761
  • Feb 10, 2014 10:52am Feb 10, 2014 10:52am
Tony, you are a beast

I hope that we all are going to have problems like this: beamer, benz or bentley? Which one to buy next year

Inserted Video
  • #9,762
  • Feb 10, 2014 11:04am Feb 10, 2014 11:04am
Quoting Lukaszmiami
Tony, you are a beast I hope that we all are going to have problems like this: beamer, benz or bentley? Which one to buy next year http://www.youtube.com/watch?v=zJMnzdUsTBk
Gonna have to be a Benz or Bently........ already have a Bimmer
I don't care which way the market is going as long as it's going my way
  • #9,763
  • Feb 10, 2014 11:27am Feb 10, 2014 11:27am
Does anybody here does News Straddle Strategy?
  • #9,764
  • Edited 1:31pm Feb 10, 2014 1:14pm | Edited 1:31pm
@ donetfreak

I successfully straddled the news until a couple weeks ago when my broker limited me in ways which make it impossible to trade announcements in any manner. I did this by placing a buy and a sell order 10 pips above and below the current price about 15 seconds before the announcement. The broker operates through a dealing desk.

Of course sometimes I'd get whipsawed, but still showed a decent profit for a while. Especially good were the Fed and Mark Carney speeches, including a 100+ pip profit on the latter's Forward Guidance announcement.

@ everybody

I'm wondering if the following strategy would work:

(1) Open accounts with two ndd brokers.

(2) With one broker do Tony's strat of buying a currency pair and placing a stop loss below the current price.

(3) With the other broker place a sell order and stop loss on the same currency.

Thanks to Tony, we know that (2) works. If so, why wouldn't (3) also succeed, giving us a nice two-way bet?
  • #9,765
  • Feb 10, 2014 1:22pm Feb 10, 2014 1:22pm
Quoting fxfiend
@ donetfreak I successfully straddled the news until a couple weeks ago when my broker limited me in ways which make it impossible to trade announcements in any manner. I did this by placing a buy and a sell order 8 pips above and below the current price about 15 seconds before the announcement. The broker operates through a dealing desk. Of course sometimes I'd get whipsawed, but still showed a decent profit for a while. Especially good were the Fed and Mark Carney speeches, including a 100+ pip profit on the latter's Forward Guidance announcement....
The reason he doesn't do sell orders is because the spike in spreads will take you out, whereas for buy orders you are paying the spread upfront (sort of) and the ask price spike will not affect you.

Moreover, for instances when price goes down, it could still spike up to take you out first so you might lose on both trades lol.
Build good relationships with others.
  • #9,766
  • Feb 10, 2014 2:45pm Feb 10, 2014 2:45pm
I don't know about all you guys, but I will be max lots at GBP BOE Inflation report, gonna have to earn back some NFP losses...
  • #9,767
  • Feb 10, 2014 3:19pm Feb 10, 2014 3:19pm
Quoting fxfiend
@ donetfreak I successfully straddled the news until a couple weeks ago when my broker limited me in ways which make it impossible to trade announcements in any manner. I did this by placing a buy and a sell order 10 pips above and below the current price about 15 seconds before the announcement. The broker operates through a dealing desk. Of course sometimes I'd get whipsawed, but still showed a decent profit for a while. Especially good were the Fed and Mark Carney speeches, including a 100+ pip profit on the latter's Forward Guidance announcement....
3 should also succeed. The "holy grail" of trading is proper risk and money management and not the trading system or being a bull or bear. When you lose a trade, your account has to live to fight another day. You can't win every battle but it is possible to win the war.

Tony employs the K.I.S.S. principle to his trading and is buy only with one currency pair on volatile news trading to keep it simple. Simple works for him.

The biggest problem I see with what you want to do with this strategy besides getting whipsawed is managing the stop losses in the final seconds before the news release. Tony buys 2 minutes before the news comes out and then adjusts his stop loss to his stated SL targets just seconds before the news comes out. Adjusting the SL with one position in a few seconds is easy, doing it with multiple accounts and multiple positions would be very difficult to impossible to do in a couple seconds.
I don't care which way the market is going as long as it's going my way
  • #9,768
  • Feb 10, 2014 4:34pm Feb 10, 2014 4:34pm
Quoting fxfiend
@ donetfreak I successfully straddled the news until a couple weeks ago when my broker limited me in ways which make it impossible to trade announcements in any manner. I did this by placing a buy and a sell order 10 pips above and below the current price about 15 seconds before the announcement. The broker operates through a dealing desk.
Hey, did your broker freeze the platform during news or something like that making it impossible to trade? Maybe because you were showing profit from news trading?

I use a straddle technique but my orders are normally quite along way from current price before the announcement. I place the orders out near recent high / lows...support/ resistance on the 1 hour chart. While you miss the initial spike and some pips, you also miss the whip most of the time and it has shown some profit for me...still in the stages of testing though. When the news moves it enough I get a trade...when it doesnt the orders dont open which is fine too.
  • #9,769
  • Feb 10, 2014 4:44pm Feb 10, 2014 4:44pm
In addition to Tony's plan of trading the AUD employment numbers, i will also trade the BOE inflation report. The only problem is that Carney will be making a speech same time the report will be released, so there is a risk he may say something contrary to whatever the report might show, therefore they may be strong upwards and downwards movementa. so i advice we all trail our profits closely, as a result of that. Overall i think GBP has a very high chance of going up during this release.
This is just my suggestion, so take it with a grain of salt. Remember past performance is not a guarantee of future performance.
  • #9,770
  • Feb 10, 2014 6:43pm Feb 10, 2014 6:43pm
[highlight=rgb(244, 246, 249)]NAB Business Confidence Aud/Usd[/highlight]
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.png Size: 158 KB
  • #9,771
  • Feb 10, 2014 7:29pm Feb 10, 2014 7:29pm
Quoting shellsnail
{quote} The reason he doesn't do sell orders is because the spike in spreads will take you out, whereas for buy orders you are paying the spread upfront (sort of) and the ask price spike will not affect you. Moreover, for instances when price goes down, it could still spike up to take you out first so you might lose on both trades lol.
i like straddle trading, yet so true about losing on both trades should price whipsaw during news day.

when executing a sell stop order, my thought the trade is easy to enter cause its based on price line, BUT difficult to exit because trade exits with reference to the broker ask line. and that ask line can keep widening making you psychologically feel the broker doesn't want your profit target price to be touched at crucial times.
  • #9,772
  • Feb 10, 2014 7:41pm Feb 10, 2014 7:41pm
Quoting 3spak
I don't know about all you guys, but I will be max lots at GBP BOE Inflation report, gonna have to earn back some NFP losses...
I really would not, unless you really don't mind losing it all...
Build good relationships with others.
  • #9,773
  • Feb 10, 2014 8:39pm Feb 10, 2014 8:39pm
Quoting Lukaszmiami
Tony, you are a beast I hope that we all are going to have problems like this: beamer, benz or bentley? Which one to buy next year http://www.youtube.com/watch?v=zJMnzdUsTBk
Niiiice, the problem is that I like similar chicks and they give huge problems. Chameleons when you got big $. My very wealthy friend when on a 1st day by taxi lol!!!
Invest in alarm clocks
  • #9,774
  • Feb 10, 2014 8:41pm Feb 10, 2014 8:41pm
Quoting PipKiller
{quote} 3 should also succeed. The "holy grail" of trading is proper risk and money management and not the trading system or being a bull or bear. When you lose a trade, your account has to live to fight another day. You can't win every battle but it is possible to win the war. Tony employs the K.I.S.S. principle to his trading and is buy only with one currency pair on volatile news trading to keep it simple. Simple works for him. The biggest problem I see with what you want to do with this strategy besides getting whipsawed is managing the stop...

Well explained
Invest in alarm clocks
  • #9,775
  • Feb 10, 2014 9:00pm Feb 10, 2014 9:00pm
I'm having deep thoughts here recently. Help me out folks. I wanna start off by saying I appreciate all of you here but here the question. What do you thing about people getting the knowledge here that actually don't deserve getting it? For all kinds of reason there are people who do not deserve having the info given on this thread... how do you deal with that?
Invest in alarm clocks
  • #9,776
  • Feb 10, 2014 9:15pm Feb 10, 2014 9:15pm
Traded the Aud business confidence earlier. Orders set on Eur-Aud. The sell was set 20 points below the stall in price on the 1hr chart leading up to the news at 1.5214. It opened the order and quickly moved 22 points against the trade. The Aud-Usd was showing strength so I held on. Been trying to hold these trades till the one hour candle after the news closes and take profit or lock some profit. Anyway at the close of the first 1hr candle the trade was not showing much profit...2 pips or so. Waited a bit longer into the start of the next hourly bar and closed for +12.

Not huge profits but still worth trading I guess and maybe 15, 20 points take profit target is acceptable for these smaller news announcements. And due to the lower risk of a spike with these news, the orders could be placed a little closer to the recent support / resistance area that I use from the 1 hour chart making it easier to get the profit target.

Good trading to everyone.
  • #9,777
  • Feb 10, 2014 9:20pm Feb 10, 2014 9:20pm
Quoting Forexmeoff
Traded the Aud business confidence earlier. Orders set on Eur-Aud. The sell was set 20 points below the stall in price on the 1hr chart leading up to the news at 1.5214. It opened the order and quickly moved 22 points against the trade. The Aud-Usd was showing strength so I held on. Been trying to hold these trades till the one hour candle after the news closes and take profit or lock some profit. Anyway at the close of the first 1hr candle the trade was not showing much profit...2 pips or so. Waited a bit longer into the start of the next hourly...

whoa!| I just saw the effect it did on the AUD, pretty good result.
Invest in alarm clocks
  • #9,778
  • Feb 10, 2014 9:23pm Feb 10, 2014 9:23pm
Yeah nice little mover this time around. I am just experimenting with a different way to trade the news...as I am no good at pulling the trigger on a small time frame chart...ha ha.
  • #9,779
  • Feb 10, 2014 9:46pm Feb 10, 2014 9:46pm
Quoting Forexmeoff
Yeah nice little mover this time around. I am just experimenting with a different way to trade the news...as I am no good at pulling the trigger on a small time frame chart...ha ha.
Hey guys
For those looking for another way to trade news on a higher timegrame heres another option..

Quoting Seneca pilot
I can't find the post where I described the NFP strategy either. Here it is, very simple. The report comes out at 08:30 eastern 13:30 GMT. The fifteen minute bar from 13:30 to 13:45 is our focus. If the next bar (13:45 to 14:00) is an inside bar take the breakout, either direction. If the next bar is not an inside bar but breaks out take that trade, either direction. This is a pure breakout method, no closes, no retrace entry. Stops and targets are up to you and your risk tolerence. I trade all big high impact news events this way. I traded the...
That post and the one under explain it nice and easy. Credit to Seneca..
Josh
nollej is power..
  • #9,780
  • Feb 10, 2014 10:52pm Feb 10, 2014 10:52pm
Quoting Tony112
I'm having deep thoughts here recently. Help me out folks. I wanna start off by saying I appreciate all of you here but here the question. What do you thing about people getting the knowledge here that actually don't deserve getting it? For all kinds of reason there are people who do not deserve having the info given on this thread... how do you deal with that?
Ignore them. The brutal truth is that 98% of them won't understand or have the discipline to trade properly and they are simply "liquidity providers" for the 2% of us that do.

Remember always that we do need "liquidity providers" to pay for the Booty, Benz, Bling, Booze, Blow and Booty... Yea I know I said booty twice, I like booty.
I don't care which way the market is going as long as it's going my way
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