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How to trade NFP/FOMC and make pips

  • #21
  • Jul 30, 2014 2:19pm Jul 30, 2014 2:19pm
Quoting Indrek
I think, the result depends very much on what pairs go to your direction and what pairs go against. We have to remember that the volatility and pip value of different pairs is different.

Agreed Indrek.

We have NFP stacked up on this Friday :

8:30am GMT USD Non-Farm Employment Change 230K 288K


Lets get it rolling
Scoobi doobi doo
  • #22
  • Jul 30, 2014 3:21pm Jul 30, 2014 3:21pm
Enormously grateful for this contribution to the trader community, I managed to make some good pips, 1000 thank you Scoobidooi!!! Strategy really Helpful
  • #23
  • Jul 30, 2014 9:10pm Jul 30, 2014 9:10pm
Quoting wallstoro
Enormously grateful for this contribution to the trader community, I managed to make some good pips, 1000 thank you Scoobidooi!!! Strategy really Helpful

Good Wallstoro. we have friday NFP to make some too. Would you mind posting your entries/exits for nfp , appreciate it!
Scoobi doobi doo
  • #24
  • Jul 30, 2014 11:45pm Jul 30, 2014 11:45pm
Scoobi,

What if the pendings are triggered within the 7 mins before the news released ?

Also, do you have a "plan" for a SL limiting the losses in case things went bad ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #25
  • Jul 31, 2014 12:05am Jul 31, 2014 12:05am
Quoting FerruFx
Scoobi, What if the pendings are triggered within the 7 mins before the news released ? Also, do you have a "plan" for a SL limiting the losses in case things went bad ?

It doesn't happen most of the time Ferrufx, however we can't rule'em out.

Hence to protect account at all cost we can use trailstop EA I posted to set SL on all open trades with following setting :

Leave ProfitTarget=0 tentatively and enable 30pips SL for all open positions and trail the same, once you see some profits on all the open nett positions

we can go & set ProfitTarget=10 (10USD profit example) it will close all orders for us.


Attached Image
Scoobi doobi doo
  • #26
  • Jul 31, 2014 12:08am Jul 31, 2014 12:08am
Quoting Scoobidoobi
{quote} It doesn't happen most of the time Ferrufx, however we can't rule'em out. Hence to protect account at all cost we can use trailstop EA I posted to set SL on all open trades with following setting : Leave ProfitTarget=0 tentatively and enable 30pips SL for all open positions and trail the same, once you see some profits on all the open nett positions we can go & set ProfitTarget=10 (10USD profit example) it will close all orders for us. {image}
Fine. Thank you.
MT4/MT5 EAs/Indicators/Alerts coder
  • #27
  • Jul 31, 2014 12:18pm Jul 31, 2014 12:18pm
I'm interested in trying this strategy out tomorrow but I have a concern. Considering that a) I am a beginning trader and b) I trade on my phone while I'm at my job... trying to manage 6 positions at one time during the NFP seems like a recipe for disaster. What are your thoughts on only trading two pairs, say EUR/USD & USD/CHF. Is that any more or less risky?
  • #28
  • Jul 31, 2014 1:10pm Jul 31, 2014 1:10pm
Nico,

Doing it on EU and UCHF is as good too, same applies to AU and UCAD. These are opposite repulsive pairs.

EU/UCHF and AU/UCAD pairs share negative correlation most of the time since NFP or FOMC is USD Centric you can still get pips but its leading to a thought its more safe than 6 pairs.

if you trade say 4 pairs EU,UCHF,AU,UCAD with initial lot 0.1 , please make sure you keep pending sells with 0.2 lot at say 25pips distance for all the 4 pairs and if you feel market is trending instead of zigzag ranging wait a bit and take profit of all open orders (or) close if you get decent pips.

Cheers,
Scoobi
Scoobi doobi doo
  • #29
  • Jul 31, 2014 1:28pm Jul 31, 2014 1:28pm
Gotcha. Thanks
  • #30
  • Jul 31, 2014 3:20pm Jul 31, 2014 3:20pm
Quoting Scoobidoobi
Nico, Doing it on EU and UCHF is as good too, same applies to AU and UCAD. These are opposite repulsive pairs. EU/UCHF and AU/UCAD pairs share negative correlation most of the time since NFP or FOMC is USD Centric you can still get pips but its leading to a thought its more safe than 6 pairs. if you trade say 4 pairs EU,UCHF,AU,UCAD with initial lot 0.1 , please make sure you keep pending sells with 0.2 lot at say 25pips distance for all the 4 pairs and if you feel market is trending instead of zigzag ranging wait a bit and take profit of all open...
Thanks Scoobi - you have answered part of my query. I am thinking of using the strategy on my Ninja Trader Platform using the E - mini FUTURES but I guess the combination of those 4 currencies wont compute to your plan?? I have eu / swissy/aussie/cad but they are all in relation to the USD. In other words - futures will be no good because there is no negative correlation as you describe.

The other point that is unclear is if you are entered say LONG, how long do you leave the short pendings open? Or do you cancel the shorts as soon as your longs are initiated?

Any suggestions to a new boy on the block?
  • #31
  • Jul 31, 2014 4:38pm Jul 31, 2014 4:38pm
Hallo Scoobi,

I'm a newbie, just learned about trading in forex almost 3 week ago. learned demo in 2 days, started with real money after that. lost more than 1k usd as of today. Managed to withdraw 50 usd. I made a lot of stupid mistake.huhu.. I am very eager to use your method . I have a few question that i wish to clarify with you ..

why only 0.1 to start with ? - i mean why dont start with 1.0 , do u have any idea how much capital required to sustain like buy 1.0 for start and sell for 2.0 ?

how about the FOMC post , the chart dont even broke 30 pips ..when to close ?

i hope you get what i'm trying to ask here , apologize as i'm a very new and really do not know what is the trading term that should be applied in my question ..
  • #32
  • Jul 31, 2014 6:53pm Jul 31, 2014 6:53pm
Quoting kingmarang
Hallo Scoobi, I'm a newbie, just learned about trading in forex almost 3 week ago. learned demo in 2 days, started with real money after that. lost more than 1k usd as of today. Managed to withdraw 50 usd. I made a lot of stupid mistake.huhu.. I am very eager to use your method . I have a few question that i wish to clarify with you .. why only 0.1 to start with ? - i mean why dont start with 1.0 , do u have any idea how much capital required to sustain like buy 1.0 for start and sell for 2.0 ? how about the FOMC post , the chart dont even broke...
I would suggest you to gain experience before starting right away trading "heavy" news events.

News trading isn't for everybody ... even experienced traders.
MT4/MT5 EAs/Indicators/Alerts coder
  • #33
  • Jul 31, 2014 7:41pm Jul 31, 2014 7:41pm
Quoting Scoobidoobi
{quote} Good Wallstoro. we have friday NFP to make some too. Would you mind posting your entries/exits for nfp , appreciate it!
I donŽt mind at all, for sure I will Sccoobidoobi, iŽll try to do it on friday otherwise by the next NFP/FOMC released. regards.
  • #34
  • Aug 1, 2014 1:59am Aug 1, 2014 1:59am
Scoobidoobi,

If using account size of $10k, what lot size to use for the initial orders?

Thank you.
  • #35
  • Aug 1, 2014 5:32am Aug 1, 2014 5:32am
I think that the best way to trade this is to open both buy and sell positions respectively one hour or thirty minutes to the time of the news. it is a must that the market must take a position up to about 30 pips or more. if sell position is gaining up to 30 pips put trailling stop loss at 20 pips, allow the profit to run. if it happens that by the time the news is released and the sell position is lossing, it will stop at 20pips while the buy position's loss of 30 pip will be reduced by 10 making it -20 now. at this point, the market can either go ahead to eliminate the other loss or increase your winning sell position. IS THERE ANY OBJECTION TO THIS. if it is logical to you, lets make ea, on this regard. thank you.
  • #36
  • Aug 1, 2014 5:56am Aug 1, 2014 5:56am
Quoting Scoobidoobi
Verve you are right, however you kept 3x times sell orders which is more adventurous not required
Hi,
what is 3x time mean?

Happy piping
Regards
  • #37
  • Aug 1, 2014 5:59am Aug 1, 2014 5:59am
Quoting Ariful Mamun
{quote} Hi, what is 3x time mean? Happy piping Regards
3 times the original lot size (ie. 0.10 x 3 = 0.30)
MT4/MT5 EAs/Indicators/Alerts coder
  • #38
  • Aug 1, 2014 6:06am Aug 1, 2014 6:06am
Quoting FerruFx
{quote} 3 times the original lot size (ie. 0.10 x 3 = 0.30)
Many thanks FerruFx.
  • #39
  • Aug 1, 2014 6:19am Aug 1, 2014 6:19am
Quoting E3r4
Trading News Today ; USD Non-Farm Employment Change +100 pips in 5 minutes http://t.co/snzwznGmQ3
Waste of time, try explaining more and also contribute to the ideas of this thread
  • #40
  • Aug 1, 2014 7:43am Aug 1, 2014 7:43am
I dont know if i did this right.. seems like a mess, thankfully just demo for now

Scoobi what you think

I know i did treble trade size again
So this is whipshaw, now that all positions are cleared they can get on with weakening the USD
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