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  • #10,061
  • Feb 19, 2014 5:14am Feb 19, 2014 5:14am
Quoting Mightyfine
{quote} You can never be 100% sure where price will go, although to me price was so high and i've seen a lot news triggers shorting when this is the case. Don't take my word for it. Money management is key for this strat
That is very true.

However, how long do we give the trade to hit TP? It may progress to 100+ and not hit the 120+, so effectively we would lose a potential +-80% profit if we had not closed out. Or do we simply trail the SL when / as / if we move into profit?

Or is this left up to user discretion? (I do understand that this strat is very dependent upon user discretion, but confirmation would help a bit)

Thanks

H
  • #10,062
  • Feb 19, 2014 6:09am Feb 19, 2014 6:09am
Quoting HannesJoub
{quote} That is very true. However, how long do we give the trade to hit TP? It may progress to 100+ and not hit the 120+, so effectively we would lose a potential +-80% profit if we had not closed out. Or do we simply trail the SL when / as / if we move into profit? Or is this left up to user discretion? (I do understand that this strat is very dependent upon user discretion, but confirmation would help a bit) Thanks H
- if your entry is a BUY using H4 time frame at support level, then TP would be to aim for H4 at the top of the channel, or Fibs showing where Sellers may gather.
at higher time frames, the support and resistance trend lines, Fibs are more powerful.

- some will take close half at 50 pips, move stop loss to BE, and let the rest run.
requires powerful news to allow this and push price in 1 direction.
  • #10,063
  • Feb 19, 2014 6:47am Feb 19, 2014 6:47am
Quoting HannesJoub
{quote} That is very true. However, how long do we give the trade to hit TP? It may progress to 100+ and not hit the 120+, so effectively we would lose a potential +-80% profit if we had not closed out. Or do we simply trail the SL when / as / if we move into profit? Or is this left up to user discretion? (I do understand that this strat is very dependent upon user discretion, but confirmation would help a bit) Thanks H
It's entirely up to you:

- Trail SL

- Close half at 50 pips and let the rest run

- Close at 50( Most do this with big accounts because it should be enough for the month )
  • #10,064
  • Feb 19, 2014 7:38am Feb 19, 2014 7:38am
Quoting Mightyfine
{quote} Close at 50( Most do this with big accounts because it should be enough for the month )
Ah yes, if only I was able to say that

However, how does closing at 50+ affect the overall RR on this method?

Cheers

H
  • #10,065
  • Feb 19, 2014 9:38am Feb 19, 2014 9:38am
Tony, any news from Oanda yet?
  • #10,066
  • Feb 19, 2014 9:43am Feb 19, 2014 9:43am
Guys, I took a some recent profits and decided to place a trade for which the setup seems too obvious for me.
FOMC could transform it into a miracle. BOUGHT USD/CAD. It has nothing to do with our system. Wish me the best of luck.
Attached Image (click to enlarge)
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Invest in alarm clocks
  • #10,067
  • Feb 19, 2014 9:50am Feb 19, 2014 9:50am
Quoting HannesJoub
Tony, any news from Oanda yet?

not yet. I'm keeping an eye on these guys on the next upcoming news... like tonight's Flash reports. I'll be very quick to quit a cheater.
Invest in alarm clocks
  • #10,068
  • Feb 19, 2014 9:57am Feb 19, 2014 9:57am
This news is now BANNED: GBP Claimant count change.
I'm patiently waiting for a response from Oanda why they maintained A 20 PIP spread for 18 minutes yesterday. No offence.

a 20 pip spread for about a minute or two, ok... we were used to it fine! for a dozen of years! but keeping the spread HIGH-JACKED at 20 pips for 18 minutes is exploit!! I will keep you updated on that. Be careful
Invest in alarm clocks
  • #10,069
  • Feb 19, 2014 10:15am Feb 19, 2014 10:15am
Quoting Tony112
Guys, I took a some recent profits and decided to place a trade for which the setup seems too obvious for me. FOMC could transform it into a miracle. BOUGHT USD/CAD. It has nothing to do with our system. Wish me the best of luck.
Best of luck on your trade, its going nicely. Could you shed more light on how is it obvious.
  • #10,070
  • Feb 19, 2014 10:25am Feb 19, 2014 10:25am
Quoting canforex
{quote} Best of luck on your trade, its going nicely. Could you shed more light on how is it obvious.

It's only based on the recent weekly resistance broken and recent daily retracing. It's also based on the Russian roulette I like a lot.
Invest in alarm clocks
  • #10,071
  • Feb 19, 2014 1:11pm Feb 19, 2014 1:11pm
Quoting Tony112
Guys, I took a some recent profits and decided to place a trade for which the setup seems too obvious for me. FOMC could transform it into a miracle. BOUGHT USD/CAD. It has nothing to do with our system. Wish me the best of luck. {image}
Well Tony, Looks like you made some nice pips on the USD/CAD over the last several hours, but didn't get much help from the FOMC
  • #10,072
  • Feb 19, 2014 1:17pm Feb 19, 2014 1:17pm
Quoting Wigglesworth
{quote} Well Tony, Looks like you made some nice pips on the USD/CAD over the last several hours, but didn't get much help from the FOMC
I've no FOMC seen today, you?
What i've seen is bullshit.
  • #10,073
  • Feb 19, 2014 1:20pm Feb 19, 2014 1:20pm
Quoting mvp77
{quote} I've no FOMC seen today, you? What i've seen is bullshit.
Yes agreed!!!)
  • #10,074
  • Feb 19, 2014 2:40pm Feb 19, 2014 2:40pm
Quoting Tony112
This news is now BANNED: GBP Claimant count change. I'm patiently waiting for a response from Oanda why they maintained A 20 PIP spread for 18 minutes yesterday. No offence. a 20 pip spread for about a minute or two, ok... we were used to it fine! for a dozen of years! but keeping the spread HIGH-JACKED at 20 pips for 18 minutes is exploit!! I will keep you updated on that. Be careful
Tony...do you know if someone else with oanda account experienced 20 pips spread for 18 min, or is it only you ?
  • #10,075
  • Feb 19, 2014 2:44pm Feb 19, 2014 2:44pm
Quoting Tony112
I'm with Oanda for since 2007, I was with the US division even before the Canadian division came out! I have never seen a spread stuck at 20 pips for more than 18 minutes AFTER NEWS. They have done it tonight on GBP/USD. Oanda: You have destroyed a lot of the trust I held in you today. I'm am currently speechless. I'm waiting for a response from higher management. Spread widening is know and common. Something I have learned to live with during major news. It was compensated by precise execution. I have never seen the spread stuck at 20 pips for...

hey Tony, spread is never the problem at Dukascopy, i got in at 0.6 pips however slippage is the only thing i look at but i guess that is the nature of the spot market and unavoidable during fast news moves
  • #10,076
  • Feb 19, 2014 3:03pm Feb 19, 2014 3:03pm
Quoting NewToForex14
{quote} Tony...do you know if someone else with oanda account experienced 20 pips spread for 18 min, or is it only you ?
I don't know man... I'm so deceived right now. I have no clue.... they didn't even respond yet. This is unreal. I don't know what to expect from these guys for future news. I'm dealing with 100's of thousands here.
Invest in alarm clocks
  • #10,077
  • Feb 19, 2014 3:35pm Feb 19, 2014 3:35pm
Quoting NewToForex14
{quote} Tony...do you know if someone else with oanda account experienced 20 pips spread for 18 min, or is it only you ?
I experienced 20 pips spread for 18 minutes as well.
  • #10,078
  • Feb 19, 2014 4:02pm Feb 19, 2014 4:02pm
Quoting nitecop
{quote} hey Tony, spread is never the problem at Dukascopy, i got in at 0.6 pips however slippage is the only thing i look at but i guess that is the nature of the spot market and unavoidable during fast news moves
Nitecop... at Dukascopy do pay commissions too ?...how much is it for a round, in and out ?
  • #10,079
  • Feb 19, 2014 4:25pm Feb 19, 2014 4:25pm
Quoting Tony112
{quote} I don't know man... I'm so deceived right now. I have no clue.... they didn't even respond yet. This is unreal. I don't know what to expect from these guys for future news. I'm dealing with 100's of thousands here.
Tony...dont forget that oanda is a bucketshop, they are better then the other ones...but still, a bucketshop is a bucketshop... why don't you trade through ECN brokers, especially if you are trading 100's of thousands...
  • #10,080
  • Feb 19, 2014 5:30pm Feb 19, 2014 5:30pm
Quoting Tony112
This news is now BANNED: GBP Claimant count change. I'm patiently waiting for a response from Oanda why they maintained A 20 PIP spread for 18 minutes yesterday. No offence. a 20 pip spread for about a minute or two, ok... we were used to it fine! for a dozen of years! but keeping the spread HIGH-JACKED at 20 pips for 18 minutes is exploit!! I will keep you updated on that. Be careful
Hey Tony,
I hate to say this but I don't think it is a problem with the GBP news but rather the broker. They boast about their execution model but I always knew that they screwed people with their spreads. It's a joke. I analyzed their spreads and compared them with some other brokers in real time a couple of months ago and I was disgusted. I also have heard from other scalpers and news traders about Oanda's high spreads at certain times of the day.
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