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How to trade NFP/FOMC and make pips

  • #101
  • Aug 6, 2014 9:32am Aug 6, 2014 9:32am
Quoting elleell
{quote} Scoobi, Thanks for the trade idea.. I had try the trade twice, both set as profit of USD50 to close. the 1st trade is a success, but the 2nd trade is success also but the profit is over USD50 ( about USD133), as i increase the LOT size, however after the trade closed, theres a 3 pending trade still not auto closed. Attached are the screen shot, kindly advice. Thanks once again. {image} {image}

Good job elleell , keep practicing in demo till you get comfortable. There are some high impact news which really moves big and we get our share of profits $$ , some times it won't move much or whipsaw a bit. You should be ready to face different market conditions and smart enough to act upon understanding the PA!
Scoobi doobi doo
  • #102
  • Aug 6, 2014 9:38am Aug 6, 2014 9:38am
Quoting elleell
{quote} Scoobi, Thanks for the trade idea.. I had try the trade twice, both set as profit of USD50 to close. the 1st trade is a success, but the 2nd trade is success also but the profit is over USD50 ( about USD133), as i increase the LOT size, however after the trade closed, theres a 3 pending trade still not auto closed. Attached are the screen shot, kindly advice. Thanks once again. {image} {image}

Some pending orders didnt close as in your screenshot using the trailstop EA which I have posted, owing to fast markets may be . Please delete them manually if you see some pending orders remain after setting ProfitTarget parameter in trailstop EA and all trades closed by EA.



Don't just like that increase lotsizes , stick to money management to arrive at lot calculation take further courses as FerruFx recommended in www.babypips.com, don't be in hurry to trade quickly!
Scoobi doobi doo
  • #103
  • Aug 6, 2014 9:40am Aug 6, 2014 9:40am
Quoting Scoobidoobi
{quote} Thanks Ronnie for taking time to analyze. To be fair enough if you are on top notch ECN broker whom you trust, filling up the pending order would be the last thing to worry if you are on standard account instead of STP/ECN account it ofcourse becomes an issue. You can try to keep the pending orders bit close if you worry on that filling aspect per say 25pips and give it a go!
He is right about the price filling. In case of an huge gap at the news time, the pending will be filled at the tick available price which might be far from the theorical pending price. No broker will guarantee the original pending price.
MT4/MT5 EAs/Indicators/Alerts coder
  • #104
  • Aug 6, 2014 10:59am Aug 6, 2014 10:59am
Quoting Verve
Thanks Scoobi, Ill will give it a whirl. Very neat and simple also the outline is direct and clear.. i will trade the fomc in 1 hour and report back Just to clarify; 7 min before event enter trade xx lots for 6 pairs and place orders as above
can you suggest the pairs to trade for the AUD as my broker only offers one xxAUD can you list the pairs to buy and the pairs to place on sell stop orders thanks
  • #105
  • Aug 6, 2014 10:59am Aug 6, 2014 10:59am
Quoting Scoobidoobi
{quote} Thanks Ronnie for taking time to analyze. To be fair enough if you are on top notch ECN broker whom you trust, filling up the pending order would be the last thing to worry if you are on standard account instead of STP/ECN account it ofcourse becomes an issue. You can try to keep the pending orders bit close if you worry on that filling aspect per say 25pips and give it a go!
I understand the strategy perfectly, I will try it out some time on a demo account. I hope you don't think I was attacking you in anyway, I was merely trying to determine the practicality of this strategy because I do see its merits. I do have an ECN broker with one of the largest inter-bank liquidity pools in the world.

With regards to NFP's I usually fade the initial move and net between 10-30 pips as it reverts to normal, once it starts backtracking I close the position. I do this very quickly.

I will try out your strategy on a demo account, I would appreciate if anyone else that uses this can talk about how/if their Pending Orders are being filled and at what distance.

Thanks,

______
RONNIE
  • #106
  • Aug 6, 2014 11:33am Aug 6, 2014 11:33am
Quoting Scoobidoobi
{quote} Thanks Ronnie for taking time to analyze. To be fair enough if you are on top notch ECN broker whom you trust, filling up the pending order would be the last thing to worry if you are on standard account instead of STP/ECN account it ofcourse becomes an issue. You can try to keep the pending orders bit close if you worry on that filling aspect per say 25pips and give it a go!
Scoobi....
Can u recommend a good ECN broker? from your experience... would be a good advice for many of us here.
Thank you...
  • #107
  • Aug 6, 2014 11:41am Aug 6, 2014 11:41am
VinFx,

LMAX FSA Regulated

Alpari Pro

Pepperstone Razor ECN/Axitrader

Exness ECN

and others can add some good ecn brokers too
Scoobi doobi doo
  • #108
  • Aug 6, 2014 11:47am Aug 6, 2014 11:47am
Quoting ronnie888
{quote} I understand the strategy perfectly, I will try it out some time on a demo account. I hope you don't think I was attacking you in anyway, I was merely trying to determine the practicality of this strategy because I do see its merits. I do have an ECN broker with one of the largest inter-bank liquidity pools in the world. With regards to NFP's I usually fade the initial move and net between 10-30 pips as it reverts to normal, once it starts backtracking I close the position. I do this very quickly. I will try out your strategy on a demo account,...

Ronnie,

if your platform has USDIndex symbol chart, there is better way to do this if you are concerned on filling the pending order position. P.M Me for more.

cheers

Scoobi
Scoobi doobi doo
  • #109
  • Aug 6, 2014 3:19pm Aug 6, 2014 3:19pm
Quoting commander365
{quote} can you suggest the pairs to trade for the AUD as my broker only offers one xxAUD can you list the pairs to buy and the pairs to place on sell stop orders thanks
Hi comm,
Im not totally convinced about this strategy its in trial phase so dont be betting big with the news in a few hours. Im sure scoobi would be best to answer your question, but i will give my opinion;

audcad, audusd, euraud, gbpaud,
Other pairs: audchf, audnzd, audsgd - however as the setup goes you need three pairs with AUD as base currency and three pairs with AUD as terms currency, this however is not available as most pairs provided by brokers are AUD as base currency.
So perhaps try this strategy with these 4 pairs: audcad, audusd, euraud, gbpaud,

1 - Go Long on all pairs - 7 min before news
2 - Place sell orders 30 pips away for all pairs
3 - not sure about the rest, see post 1
  • #110
  • Aug 6, 2014 3:45pm Aug 6, 2014 3:45pm
Quoting elleell
{quote} Scoobi, Thanks for the trade idea.. I had try the trade twice, both set as profit of USD50 to close. the 1st trade is a success, but the 2nd trade is success also but the profit is over USD50 ( about USD133), as i increase the LOT size, however after the trade closed, theres a 3 pending trade still not auto closed. Attached are the screen shot, kindly advice. Thanks once again. {image} {image}
Hi Elleell,
Thanks for the post & screen of the trades.
Something is confusing me here - I see Positive pips on all of the Buys & Sells on all cross pairs. BUT - where are the Negative Pips on the the original 3 Longs taken 7 mins before News - IE the Pound /Kiwi & Euro.
Have you set pending orders to go long above Market prices ?? Cannot work out what you have done.
Thanks for the explanation.
  • #111
  • Aug 6, 2014 8:51pm Aug 6, 2014 8:51pm
Quoting FerruFx
{quote} He is right about the price filling. In case of an huge gap at the news time, the pending will be filled at the tick available price which might be far from the theorical pending price. No broker will guarantee the original pending price.
Thank you Sifu !!
  • #112
  • Aug 6, 2014 8:52pm Aug 6, 2014 8:52pm
Aussie Unemployment REDNEWS 7 Aug

Only 4 pairs on the Aussie so played as a hedge. All Buys & Sells were pending Stops at 25 pips above pre - market ( give or take ). Sells were at 0.2 and buys at 0.1 per rules. Once triggers made - quickly cancelled remaining open orders and let the trades run until my mental profit target was hit $100+. Closed all - took 1min 10 secs to complete. I see market still heading in right direction - another 90 odd pips between the 4 pairs. Still $115 in 1min is pretty damn good eh ?

Back to the USA Unemployment tonite so will revert to Scoobi's 6 pair rules.

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: Aussie_RedNews_7_Aug.png Size: 18 KB
  • #113
  • Aug 6, 2014 9:06pm Aug 6, 2014 9:06pm
Quoting binnie
{quote} Hi Elleell, Thanks for the post & screen of the trades. Something is confusing me here - I see Positive pips on all of the Buys & Sells on all cross pairs. BUT - where are the Negative Pips on the the original 3 Longs taken 7 mins before News - IE the Pound /Kiwi & Euro. Have you set pending orders to go long above Market prices ?? Cannot work out what you have done. Thanks for the explanation.

Dear Binnie,

I also not sure wat i had done, Im still a kindergarden in trade..I try to look for it.. mean while.. here's my latest trade these morning on AUD. I trade 6 pair AUD against others currency..the result as follow.
Attached Image (click to enlarge)
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  • #114
  • Aug 6, 2014 9:08pm Aug 6, 2014 9:08pm
Quoting Scoobidoobi
{quote} Some pending orders didnt close as in your screenshot using the trailstop EA which I have posted, owing to fast markets may be . Please delete them manually if you see some pending orders remain after setting ProfitTarget parameter in trailstop EA and all trades closed by EA. Don't just like that increase lotsizes , stick to money management to arrive at lot calculation take further courses as FerruFx recommended in www.babypips.com, don't be in hurry to trade quickly!

Noted. thank you Sifu
  • #115
  • Aug 7, 2014 2:37am Aug 7, 2014 2:37am
Awesome Binnie and ellell , nice green pips for AUD disappointed data. keep going today we have GBP High Impact +EUR ECB Rates + USD Unemployment claims lets follow rules pips will follow great if there is a significant move!
Scoobi doobi doo
  • #116
  • Aug 7, 2014 6:02am Aug 7, 2014 6:02am
Orders in, does this look right scoobi

Update: no spike, so we should close/ exit all?
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 78 KB
  • #117
  • Aug 7, 2014 11:44am Aug 7, 2014 11:44am
Scoobi,
This morning (8/7/14) @8:30am (USA time), I used your wonderful strategy on the USD (I probably should have chosen the CAD). Anyway, I used the currency pairs USD/JPY and AUD/USD.

Imagine my horror when both went negative. I couldn't believe it. Thankfully, neither pair had a large spike, but both pairs were negative for a good 15-20 minutes. The trade started out like it should have, with one pair going short (AUD/USD) and the other going long (USD/JPY). I was like, "Scoobi is a genius." And then, maybe 5 minutes in, USD/JPY went negative, which would have been no big deal if the AUD/USD had also turned around, but it didn't. I couldn't believe it, I had two (2) currency pairs going against me (I did a BUY Market for both pairs).

Eventually, maybe 20 minutes later, USD/JPY finally turned around and I made 20+ pips, but that was amazing / scary, to have two USD currency pairs with different bases both going negative and staying there. FOREX is out to get me, I just know it...

Thanks for letting me vent. Do you have any idea what could have made both currency pairs go negative? I'm still a believer in your excellent strategy and I'm looking forward to using it tonight on the AUD.

Take care,

Jimtrade
  • #118
  • Aug 7, 2014 12:42pm Aug 7, 2014 12:42pm
Quoting Scoobidoobi
VinFx, LMAX FSA Regulated Alpari Pro Pepperstone Razor ECN/Axitrader Exness ECN and others can add some good ecn brokers too
Thanks Scoobi... will check it out...
  • #119
  • Aug 7, 2014 2:13pm Aug 7, 2014 2:13pm
Quoting Jimtrade
Scoobi, This morning (8/7/14) @8:30am (USA time), I used your wonderful strategy on the USD (I probably should have chosen the CAD). Anyway, I used the currency pairs USD/JPY and AUD/USD. Imagine my horror when both went negative. I couldn't believe it. Thankfully, neither pair had a large spike, but both pairs were negative for a good 15-20 minutes. The trade started out like it should have, with one pair going short (AUD/USD) and the other going long (USD/JPY). I was like, "Scoobi is a genius." And then, maybe 5 minutes in, USD/JPY went negative,...

AUD Data u missed a golden chance to make good pips, I mentioned to use 3 AUD XXX Pairs and XXX AUD Pairs ( so that underline currency "AUD" in this case with high impact news is hedged internally plus we have sell stops to protect the wrong ones). Today AUD data it made about 52pips nett, with disappointing AUD Data.

Coming to 8:30AM USD Unemployment data, don't pick and leave those pairs at your will use them as a group.

I keep hearing from folks some pairs are not there in MT4 Marketwatch, please right click and choose show all option!

Note : Use it only low spread ECN Broker, don't use on a dealing desk broker with EUR NZD Spread 9pips !

For USD High Impact data, 6 pairs to use are as follows :

1) EUR USD
2) GBP USD
3) AUD USD
4) USD JPY
5) USD CAD
6) USD CHF

Likewise create a template to choose pairs for each high impact data for major currency, incase you don't have 6 pairs use 4 pairs don't ever use just 2 pairs like Jim did.

Some one can post list of pairs to trade for other Majors High Impact data, Any Volunteers welcome!



-Scoobi
Scoobi doobi doo
  • #120
  • Aug 7, 2014 3:26pm Aug 7, 2014 3:26pm
Quoting Verve
Orders in, does this look right scoobi Update: no spike, so we should close/ exit all? {image}

Perfect Verve!, you nailed it. We place the initial and pending orders 7min ahead right before the NEWS, give about total of 27min (including the start 7min) to see any spike in the pairs if not close it.

If you see spike , wait for atleast 3 pending orders (sell orders) to trigger in and lock the wrong ones then after a while when you see green pips use the trailsltop EA setting ProfitTarget value of your choice to close down all the orders if just incase any pending orders are left out please close them manually.
Scoobi doobi doo
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