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How to trade NFP/FOMC and make pips

  • #41
  • Aug 1, 2014 5:49am Aug 1, 2014 5:49am
Quoting Verve
I dont know if i did this right.. seems like a mess, thankfully just demo for now Scoobi what you think {image}
You would have less losses by respecting the money management suggested by the thread starter.
MT4/MT5 EAs/Indicators/Alerts coder
  • #42
  • Aug 1, 2014 6:01am Aug 1, 2014 6:01am
Quoting Verve
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 {image}

You have messed up mate with higher pending lots!
Scoobi doobi doo
  • #43
  • Aug 1, 2014 7:10am Aug 1, 2014 7:10am
Well, this hasn't gone very well.

Bought .2 lots EUR/USD at 1.3392
Bought .2 lots USD/CHF at 0.9084
Opened pending sell for .4 lots at 1.3367 & 0.9059 respectively

The NFP triggered my short instantly and then price shot back up. It's been trying to get back down but not looking promising so far.
  • #44
  • Aug 1, 2014 7:36am Aug 1, 2014 7:36am
I think there was too much noise in the market to allow this to play out properly...
  • #45
  • Aug 1, 2014 7:56am Aug 1, 2014 7:56am
This strategy worked, nice one scoobi, its a shame so few events to trade
  • #46
  • Aug 1, 2014 8:01am Aug 1, 2014 8:01am
This is very interesting strategy Scooobi. I have a question; Do you think that we can use this strategy when there are other announcements which affect different pairs. For instance, last evening we had AUD PPI q/q at 21:30 and then the GBP Manufacturing PMI at 4:30am today.?

Your thoughts would be appreciated
  • #47
  • Aug 1, 2014 8:30am Aug 1, 2014 8:30am
This system shows promise, entered the news yesterday and made 10pips. Today managed to grab 40pips, though i was using 0.1 for buys and 0.3 for sell stops on Tradefort. Nice work Scooobi.
  • #48
  • Aug 1, 2014 9:08am Aug 1, 2014 9:08am
Despite a tough start I stuck it out and was able to recover for +20 pips. This news trading is not for the faint of heart
  • #49
  • Aug 1, 2014 9:20am Aug 1, 2014 9:20am
Does anyone know why you would use only 6 of the majors instead of all 7?
  • #50
  • Aug 1, 2014 9:23am Aug 1, 2014 9:23am
Quoting magft
This system shows promise, entered the news yesterday and made 10pips. Today managed to grab 40pips, though i was using 0.1 for buys and 0.3 for sell stops on Tradefort. Nice work Scooobi.
Which way did you go on the NFP? i.e.... did you start with a buy or sell?
  • #51
  • Aug 1, 2014 9:45am Aug 1, 2014 9:45am
Scoobidoobi,
Thank you for sharing that strategy regard NFP and FOMC; very kind of you. I am looking forward to using it. I will test it this weekend on the Australian Dollar and the British Pound. My previous strategy was to take my best guess on which way it would go---I don't wish to discuss the success rate (lack thereof) of that strategy. Thank you for sharing a more professional / scienticific strategy.
  • #52
  • Aug 1, 2014 9:48am Aug 1, 2014 9:48am
Hi Scoobidoobi. I liked the strategy you have for AAA news, but I would like to ask you about the stop in orders of 0.1 and 0.3. I do not work with MT4 and Not speak English but that's no problem.

Thanks
  • #53
  • Aug 1, 2014 9:49am Aug 1, 2014 9:49am
Quoting dobenjis
{quote} Which way did you go on the NFP? i.e.... did you start with a buy or sell?
I blindly entered Buys as market orders and then sell stops 30pips away. I think deciding on direction would help in the long run.
  • #54
  • Aug 1, 2014 9:59am Aug 1, 2014 9:59am
Thanks fellas, this 6 pairs make a good combo. Today netted 45pips .

Main contribution from UJ Sell, GU and EU Buy
Scoobi doobi doo
  • #55
  • Aug 1, 2014 10:06am Aug 1, 2014 10:06am
Quoting magft
{quote} I blindly entered Buys as market orders and then sell stops 30pips away. I think deciding on direction would help in the long run.

Let Mr Market decide where it wants to go, our objective is to book profits as simple as that :

To avail profits do the following :

Have 2 Accounts :

Account 1:
Take all 6 buys 0.1 lot and keep sell pending orders at 30pips distance 0.2 lots as discussed

Account 2 :

Take all 6 sells 0.1 lot and keep buy pending orders at 30pips distance 0.2 lots as discussed


you can make double pips this way , use the trailstop EA I have posted earlier by setting ProfitTarget parameter on the both accounts (assuming its MT4 based) and book $$

Cheers Have a nice weekend!
Scoobi doobi doo
  • #56
  • Aug 1, 2014 10:10am Aug 1, 2014 10:10am
Hi. Somebody speak spanish? I need help.
  • #57
  • Aug 1, 2014 10:16am Aug 1, 2014 10:16am
Quoting dobenjis
This is very interesting strategy Scooobi. I have a question; Do you think that we can use this strategy when there are other announcements which affect different pairs. For instance, last evening we had AUD PPI q/q at 21:30 and then the GBP Manufacturing PMI at 4:30am today.? Your thoughts would be appreciated

Yes absolutely. You got the trick now.

Lets say you have major GBP Data :

Pick 3 pairs from GBP XXX Universe and Pick 3 pairs from XXX GBP Universe, either use single account approach (or) 2 accounts approach for double pips which I wrote a while ago

Let me tell my experience last week on NZD data where NZD fell nearly 120pips :

my NZD XXX pairs long where hedged safely at 30pips by sells and then longs XXX NZD (like EUR NZD, AUD NZD, GBP NZD) all made tremendous pips netted about 118pips in all

I am very glad you found out the logic that I use, its not just for FOMC/NFP haha. Godbless!
Scoobi doobi doo
  • #58
  • Aug 1, 2014 10:31am Aug 1, 2014 10:31am
Quoting Scoobidoobi
{quote} I am very glad you found out the logic that I use, its not just for FOMC/NFP haha. Godbless!
If the logic works then it has to work always not only with news. Just at ordinary times PA is slow and you have to wait longer, right?
  • #59
  • Aug 1, 2014 10:36am Aug 1, 2014 10:36am
Quoting Indrek
{quote} If the logic works then it has to work always not only with news. Just at ordinary times PA is slow and you have to wait longer, right?
Agreed, normal times after US Market close and asian hours PA is damn slow.
Scoobi doobi doo
  • #60
  • Aug 1, 2014 10:43am Aug 1, 2014 10:43am
Quoting Scoobidoobi
{quote} Agreed, normal times after US Market close and asian hours PA is damn slow.
During Asian hours market most often does not turn. And if including Yen pairs, there are good chances to make money. I personally prefer to sleep at these hours
But we could try your system right before London open or before NY open. Not necessarily before any big news.
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