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  • #10,241
  • Feb 24, 2014 6:36am Feb 24, 2014 6:36am
Quoting Mightyfine
{quote} Sounds like a 3hr Horror movie with a good ending
Shouyldve set SL to 0 cause it has shorted abit from entry before news.
  • #10,242
  • Feb 24, 2014 8:40am Feb 24, 2014 8:40am
I set an order to go short on EU 6 pips below the current price and an order to go long on the GU 6 pips above the current price. I had a conservative TP of 40 pips and the GU missed it by the width of the spread. Ended up BE.
  • #10,243
  • Feb 24, 2014 3:13pm Feb 24, 2014 3:13pm
Quoting Pollux
{quote} Don't use this strategy on NFP or other high volatility events. You know a stop order is a market order and in no way will guarantee you that it will be executed at the desired price, right? Trade well.
Yes its like setting a predetermined price where you want to get in at, and if it hits that level your trade is on. I had entered manually on a silly hunch the data would be bad. Thankfully it just didn't cost me, I know all too well that I got very lucky. Thanks.
  • #10,244
  • Feb 24, 2014 3:46pm Feb 24, 2014 3:46pm
Quoting SaiLyfee
Welp, that was a 3 hour roller coaster ride I never want to repeat again! I entered short just before the news came out with no SL then next second BOOOOOM up we go on that massive spike. So there I am watching my entire account looking like its about to go into smoke as I get a margin call warning (when it goes red down the bottom) And just as I was about to close the trade I decided not to and to sit and watch... ...Miraculously after 3 hours of gawking at the screen price hit BE and I can get to sleep now. Lesson learnt. Thankfully just not in...

ouch! that is really scary and risky! always enter with parameters or use an automation script to instantly enter those parameters the moment you enter at market!
  • #10,245
  • Feb 24, 2014 3:49pm Feb 24, 2014 3:49pm
On another note, I noticed both SEK and NOK moved so cleanly about 500 pips downwards... is this because of a news event? i don't seem to find any also i noticed it happens almost daily at 7ish am GMT; if that's the case Tony's old method could easily work here lol
  • #10,246
  • Feb 24, 2014 4:14pm Feb 24, 2014 4:14pm
Quoting nitecop
On another note, I noticed both SEK and NOK moved so cleanly about 500 pips downwards... is this because of a news event? i don't seem to find any also i noticed it happens almost daily at 7ish am GMT; if that's the case Tony's old method could easily work here lol
There's a 50 pip spread for SEK and NOK pairs on my platform unfortunately.
  • #10,247
  • Feb 24, 2014 5:28pm Feb 24, 2014 5:28pm
Quoting Moonie
{quote} There's a 50 pip spread for SEK and NOK pairs on my platform unfortunately.
You shouldn't have such wide spreads during the European or New York sessions. Yes, it is true that they usually trend in a very clean fashion also they are somewhat correlated with EUR/USD. So, you can actually trade them with a variety of news and also with their own respective news.
  • #10,248
  • Edited 5:43pm Feb 24, 2014 5:30pm | Edited 5:43pm
Quoting nitecop
On another note, I noticed both SEK and NOK moved so cleanly about 500 pips downwards... is this because of a news event? i don't seem to find any also i noticed it happens almost daily at 7ish am GMT; if that's the case Tony's old method could easily work here lol
Yes, you are noticing something I have been onto for quite some time now. I am glad you are seeing the same thing I have been seeing. These pairs trend better than just about any other pair out there. They are also somewhat correlated with EUR/USD so they can be traded through a variety of news releases.

What's more is that they are extremely sensitive to their own news, so even something as simple as CPI or Retail Sales and USD/NOK and USD/SEK will spike like crazy! They are very interesting pairs to trade and the spread should thin out during the European and New York sessions.

Yes, you are very wise to be noticing they do the same thing around 6 or 7 GMT everyday. Well done. They can even give you hints as to what is ahead for EUR/USD. You can see the movement begin occurring ahead of time and go in that direction.
  • #10,249
  • Feb 24, 2014 5:38pm Feb 24, 2014 5:38pm
Quoting nitecop
On another note, I noticed both SEK and NOK moved so cleanly about 500 pips downwards... is this because of a news event? i don't seem to find any also i noticed it happens almost daily at 7ish am GMT; if that's the case Tony's old method could easily work here lol
They don't always move downwards, sometimes they move upwards and the P/A is not always clean. However, it is a hell of a lot cleaner and predictable than any other currency pairs I have found thus far. I love NOK and SEK.

They always consolidate a lot during Asian session and then same thing starts all over again around 6 or 7 GMT.
  • #10,250
  • Feb 24, 2014 6:14pm Feb 24, 2014 6:14pm
Quoting Moonie
{quote} There's a 50 pip spread for SEK and NOK pairs on my platform unfortunately.

like others, pointed it could be quite different during 'market open' around euro/us sessions its about 12-15 ish and during asian its an avg of 25 ish pips on dukascopy i also I noticed they close for a bit around 22 ish gmt until 00 gmt so when you checked it there's a good chance it might have just opened or closing
  • #10,251
  • Feb 24, 2014 6:16pm Feb 24, 2014 6:16pm
Quoting Fx3422271
{quote} They don't always move downwards, sometimes they move upwards and the P/A is not always clean. However, it is a hell of a lot cleaner and predictable than any other currency pairs I have found thus far. I love NOK and SEK. They always consolidate a lot during Asian session and then same thing starts all over again around 6 or 7 GMT.

yeah i know they go either way.. have you developed some form of logic to trading it? what are your sl/tp parameters? also what typically moves it? I'll add to this discussion as I find more.
  • #10,252
  • Feb 24, 2014 6:32pm Feb 24, 2014 6:32pm
Quoting nitecop
{quote} yeah i know they go either way.. have you developed some form of logic to trading it? what are your sl/tp parameters? also what typically moves it? I'll add to this discussion as I find more.
Well, they consolidate so much that it's easy to find support and resistance each night before they begin moving again. Just about all European related news moves them, basically anything that will move EUR/USD will move them. And, what's the most exciting is actually NOK and SEK news.
  • #10,253
  • Feb 24, 2014 6:44pm Feb 24, 2014 6:44pm
There will be times however, when NOK and SEK pairs do basically nothing and EUR/USD does. This is why I generally don't trade these pairs absent any news. Basically, my point is that as wonderful as these pairs trend I am still an event driven trader. That is why I am on this thread. There will be times when NOK and SEK pairs let you down. They will range at times and be frustrating just like any other pair.
  • #10,254
  • Feb 25, 2014 1:11am Feb 25, 2014 1:11am
Quoting Fx3422271
There will be times however, when NOK and SEK pairs do basically nothing and EUR/USD does. This is why I generally don't trade these pairs absent any news. Basically, my point is that as wonderful as these pairs trend I am still an event driven trader. That is why I am on this thread. There will be times when NOK and SEK pairs let you down. They will range at times and be frustrating just like any other pair.

hmm i dunno, but i do believe at least a 1:4 risk reward ratio is possible with this pair.. that to me sounds like good ratio because one needs only 20% wins to breakeven, news implies a much cleaner, quick trade
  • #10,255
  • Feb 25, 2014 6:25am Feb 25, 2014 6:25am
Pip value for USDNOK is about 1.62$. So a 100 pip move on this pair is equivalent to a 16,2 pips move on any USD quoted pair (e.g. EURUSD). Bear in mind that for a 10$ pip value you would require at least 6 times the position size of EURUSD and that on an ECN platform the commission is applied according to the volume of base currency. There is also the spread which is about 12 pips during London/US session. I think the costs and rewards related to volatility of this pair would be about the same (if not higher) as those for more liquid pairs. You have on average a 500 pips move/day for USDNOK which is the equivalent of a 81 pips move on GBPUSD or EURUSD.
  • #10,256
  • Feb 25, 2014 7:42am Feb 25, 2014 7:42am
Quoting Pollux
Pip value for USDNOK is about 1.62$. So a 100 pip move on this pair is equivalent to a 16,2 pips move on any USD quoted pair (e.g. EURUSD). Bear in mind that for a 10$ pip value you would require at least 6 times the position size of EURUSD and that on an ECN platform the commission is applied according to the volume of base currency. There is also the spread which is about 12 pips during London/US session. I think the costs and rewards related to volatility of this pair would be about the same (if not higher) as those for more liquid pairs. You...
Yep, interesting. Thanks. I like the USDSEK explanations below. Wild!!!!!!!!
  • #10,257
  • Feb 25, 2014 7:42am Feb 25, 2014 7:42am
I checked this morning, and whilst the pippage is massive on those Scandinavian currencies, I must concur with Pollux, the $ value per pip is very low, I think that is why there are such huge moves?

BTW, is anyone trading this afternoons (my time, ZA) US news (Consumer Confidence)?

Depending on S&R looks like it might be worthwhile. Long EU GU AU or Short UJ UC

Dunno...

Cheers

H
  • #10,258
  • Feb 25, 2014 8:20am Feb 25, 2014 8:20am
Quoting HannesJoub
I checked this morning, and whilst the pippage is massive on those Scandinavian currencies, I must concur with Pollux, the $ value per pip is very low, I think that is why there are such huge moves? BTW, is anyone trading this afternoons (my time, ZA) US news (Consumer Confidence)? Depending on S&R looks like it might be worthwhile. Long EU GU AU or Short UJ UC Dunno... Cheers H
I'll be trading it H. Going short EU and long UJ. 15:00GMT Good luck!
  • #10,259
  • Feb 25, 2014 8:24am Feb 25, 2014 8:24am
Thanks Moonie, same to you my friend...

H
  • #10,260
  • Feb 25, 2014 8:59am Feb 25, 2014 8:59am
Quoting HannesJoub
BTW, is anyone trading this afternoons (my time, ZA) US news (Consumer Confidence)? Depending on S&R looks like it might be worthwhile. Long EU GU AU or Short UJ UC Dunno... Cheers H
Yes, but with options.

Have a bull and bear box straddle on both GU and EU
I don't care which way the market is going as long as it's going my way
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