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how do you trade FOMC 34 replies

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FOMC trade

  • #81
  • Aug 8, 2006 11:59am Aug 8, 2006 11:59am
Quoting rr112
man gotta love these demo accts
Yeah... I miss these demo accts sometimes... you always get the orders filled with them, no matter what market condition.
  • #82
  • Aug 8, 2006 12:09pm Aug 8, 2006 12:09pm
Only made 5 pips. hit the order button on GBPUSD at 1.9084 filled at 1.9124 yeech!

But i didn't get whipsawed and buried !
  • #83
  • Aug 8, 2006 12:09pm Aug 8, 2006 12:09pm
Typical buy the rumour sell the news situation today.
  • #84
  • Aug 8, 2006 12:09pm Aug 8, 2006 12:09pm
Quoting Crestwind
The report came out about a min earily and this threw me off a little. Only got about +15 pips.

Did you guys notice the number came only a little early?
Same here. I straddle big reports such as this one. Had my stoploss set up 25 pips away from the market, was in the process of moving it down to 10 pips from market when the move started a tad early.

Made 14.5 pips. Ohh well. Pays for utilities .
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #85
  • Aug 8, 2006 12:10pm Aug 8, 2006 12:10pm
Quoting MaXeY
91 pips , how you got them Strange !
Multiple lots. ? 7 x 13
  • #86
  • Aug 8, 2006 12:12pm Aug 8, 2006 12:12pm
Yeah Yardie,

Based on rumors I went long EUR/USD few hours before the news ... closed it later with profit.
  • #87
  • Aug 8, 2006 12:24pm Aug 8, 2006 12:24pm
want to see a break here of 9050 for a further run down in price... so far thats holding. Big neg div of macd forming on daily chart on gbp. currently short but risk of rise unless further support is broken is still there.. basically we need a downtrend to develope here... or some follow through to capture a swing move. Forex Options are actually better to use for longer term position ie 1 week and greater... plan on using these in the future.
  • #88
  • Aug 8, 2006 12:31pm Aug 8, 2006 12:31pm
Will see tomorrow's market reaction to UK Trade Balance.

Would GBPUSD drop to 1.8050 - I will be super happy.
  • #89
  • Aug 8, 2006 12:41pm Aug 8, 2006 12:41pm
So most people that got the first "leaked" spike.
Did you place your limits a few minutes early with like 20 pip away?

I was ready to straddle but missed due to the early news :-(

As US is supposed to be very carefull to not leak, I do like to see the outcome of the investigation... if we ever get to know...
  • #90
  • Aug 8, 2006 12:42pm Aug 8, 2006 12:42pm
That would be great...
  • #91
  • Aug 8, 2006 12:46pm Aug 8, 2006 12:46pm
Quoting serhiy
Will see tomorrow's market reaction to UK Trade Balance.

Would GBPUSD drop to 1.8050 - I will be super happy.
1000 pips in 1 day? over the trade balance? Highly unlikely.
  • #92
  • Aug 8, 2006 12:47pm Aug 8, 2006 12:47pm
Who is everyone trading with - broker wise? I just got killed on 30+ pip slippage, which, incidentally, kept me from moving stops to B/E. You can imagine the result.
  • #93
  • Edited 1:08pm Aug 8, 2006 12:57pm | Edited 1:08pm
As I mentioned in an earlier post you cannot trust the price movements based FOMC interest rate report. As you can see on the following images (Euro and Cable 1 minute charts) the price changed drastically and got back to almost the first place after a few minutes.

I didn't dare to trade it and I won't trade such unreliable news in the future. You may make a few PIPs or as some friends said many PIPs but it doesn't worth it. What are your thoughts guys?
Attached Images
  • #94
  • Aug 8, 2006 12:57pm Aug 8, 2006 12:57pm
Quoting Bemac
Multiple lots. ? 7 x 13
combining your pips is a no-no in my book. If you got 13 pips, you got 13 pips whether you had 1 micro lot or 100 standard lots.

It's very misleading, in my book. Some one could claim to make 1000 pips in 1 day, but I'm not sure I'd be that impressed if it came from buying 1000 micro-lots (for a grand total of $100 on a trade).

From what I saw, it was possible to get 91 pips depending on which way you went. It was entirely posible to catch the initial whipsaw from 62 to almost 150...that would have been close to 91 pips. Then there was a movement from 150 down to 45...same thing...all in the span of 10 minutes.
  • #95
  • Aug 8, 2006 1:02pm Aug 8, 2006 1:02pm
Quoting BurgerKing
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A nice ±15 pip from the consolidation price... I hope FXCM will fill me in this time! However dont do a small distance when trading JPY.. JPY cant be traded using this technique as it can spike ±40 then immediately reverses within 2 seconds as I experienced it before.

I usually buy GBPUSD or sell EURUSD. Someone suggested that GBPUSD is not as liquid as EURUSD and i may encounter "non-fullfullment" of orders because of that and he suggested to go EURUSD instead...

Hmm... make sense though... my last NFP was buy GBPUSD and was filled when the rate was 40+ from my order price! Perhaps, I should take the above wisdom this time.

GBPUSD simply spikes up 30% better than EURUSD!
You are trading news with FXCM?? You gotta be kidding me!
  • #96
  • Aug 8, 2006 1:13pm Aug 8, 2006 1:13pm
Quoting aparsai
I didn't dare to trade it and I won't trade such unreliable news in the future. You may make a few PIPs or as some friends said many PIPs but it doesn't worth it. What are your thoughts guys?
It's entirely worth it, flat out. It's an easy setup and easy take-down if you ask me. Even with FXSol's widened entries, I managed to come out 25 pips ahead, and now my bills are paid for the month and I have enough left over to get a new desk for my office (my bedroom... ). So now that I'm already ahead for the month and it's only August 8th, how is that not worth it? Someone just said they wrangled $5200 for about five minutes work! That'd almost pay for two semesters of my college tuition!

You may not think it's worth it because it sounds like you're trying to get greedy and take every last pip off the table. You may get 150pips of range in there, but load up on lots and 20-30 pips is all of the sudden worth way more than enough, and it's done and paid up in five minutes.
  • #97
  • Aug 8, 2006 1:21pm Aug 8, 2006 1:21pm
Quoting stockwet
Who is everyone trading with - broker wise? I just got killed on 30+ pip slippage, which, incidentally, kept me from moving stops to B/E. You can imagine the result.
Mine is forex dot com.
They just did not let me trade this afternoon. ("order not accepted", "new orders suspended", bla bla bla).
  • #98
  • Aug 8, 2006 1:24pm Aug 8, 2006 1:24pm
Quoting edu
Mine is forex dot com.
They just did not let me trade this afternoon. ("order not accepted", "new orders suspended", bla bla bla).
Do not trade news with brokers like this or better yet get out!
Trading news with dishonest brokers with dealing desk is tantamount to flushing your cash down the toilet.
  • #99
  • Edited 1:42pm Aug 8, 2006 1:30pm | Edited 1:42pm
Quoting zarni
You are trading news with FXCM?? You gotta be kidding me!
I know.. I signed up last June, transferred funds and never realized FXCM is lousy at news trading. However, today, I did managed to get in the trade at 1.2855 but I stayed too long (did not close it at 1.2890) and managed to close it at 1.2860 for 5 pip win.

August will be the last month of FXCM for me and the next NFP will be with NF.

Quote
Do not trade news with brokers like this or better yet get out!
Trading news with dishonest brokers with dealing desk is tantamount to flushing your cash down the toilet.

Zarni, Which broker then? is NF good enough? They do have a deal desk too. The only one without deal desks are perhaps those ECNs... ...

Quote
combining your pips is a no-no in my book. If you got 13 pips, you got 13 pips whether you had 1 micro lot or 100 standard lots.

I agree. pips are not measured with lot sizes multiplied into it. pips are plain pips. If you added the lot size factor, now it is called "profit".
  • #100
  • Aug 8, 2006 1:33pm Aug 8, 2006 1:33pm
D A M N .. forex.com
Buy Order at 1.2855 .... Stop loss at 1.2845..

Order Buy FILLED at 1.2877 !!!!!

WTF!!!!
any suggestions?
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