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  • #41
  • Sep 1, 2006 4:27am Sep 1, 2006 4:27am
Hi Lartrade,

What I mean by "trap" trade is I place 2 entry order:

1. I place buy stop order at the most recent resistence line +10 pips, with stop loss at the most recent support line.

2. I also place the next entry which is sell stop order at the most recent support line +10 pips, with stop loss at the most recent resistence line.

Usually, I put my TL base on the daily movement of each currency pair I trade.
EUR/USD ~~~ daily movement is about 80 pips
GBP/USD ~~~ daily movement is about 100 pips
USD/CHF ~~~ daily movement is about 100 pips
USD/JPY ~~~ daily movement is about 70-80 pips

This way, we either take profit from the news when it hit our entry order, or we are whipsawed and loss both trades, which is very rare thing to happend.

We cannot profit all the time trading news but this is the method I use, and winning percentage of this technique is quite nice for me.

Hope this help
Don't be a human when you trade, trade like a machine you are.
  • #42
  • Sep 1, 2006 6:28am Sep 1, 2006 6:28am
Quoting thehun
I have a question to the fundmastahs out there...what effect does non farm payrolls have on crosses. I know the effect on EUR/USD or GBP/USD and so on and so forth, but what effect do these numbers have on currencies like EUR/JPY.

I'm a technical analyst,,but one that knows that on certain economic days the fundamentals can slam you like an anvil with a surprise.

The Hun.
I have noticed that brokers - apparently - adjust their prices on crosses to eliminate any chances for arbitrage. For example on August 04, 2006 the GBPUSD showed a movement of about 200 pips up, the EURUSD a movement of about 95 pips and interestingly EURCAD showed a movement of over 100 pips before the news release and about 86 pips after it. Here is the chart...
FYI, on the same day EURJPY dropped by over 60 pips.
Attached Image
  • #43
  • Sep 1, 2006 6:40am Sep 1, 2006 6:40am
Calm before the storm eh??!

Good luck guys - happy pip-picking!
  • #44
  • Sep 1, 2006 7:02am Sep 1, 2006 7:02am
Quoting lartrade0623
Does anyone know what effect the NFP will have on EUR/GBP? If so please let me know im very interested. thanks
Last time (Aug 4, 2006) it showed a distortion of less than 20 pips and then continued its trend. But be careful any pair can get affected by NFP news.
  • #45
  • Sep 1, 2006 7:09am Sep 1, 2006 7:09am
Quoting Mr Trend
You're looking at 15 minute charts. That's the problem.
I don't get it. Why looking at M15 charts is a problem? What do you suggest?
  • #46
  • Edited 7:15am Sep 1, 2006 7:09am | Edited 7:15am
I like to look at the same stuff as well as the market conditions leading up to the report, trend, price action, etc.

very good stuff
Profit is where readiness meets Opportunity
  • #47
  • Sep 1, 2006 7:59am Sep 1, 2006 7:59am
Quoting aparsai
I don't get it. Why looking at M15 charts is a problem? What do you suggest?
It's not a problem, per se. Backtest 5 minute bars for a few months and see if you can avoid any whipsaws...
Mr. Trend
  • #48
  • Edited 8:30am Sep 1, 2006 8:09am | Edited 8:30am
Traded NFP News..... Always My Target 80-100 ,
Go short and while i was +38 PIP i Move My SL to Breakeven
Price go Up Hit my SL

EXIT WITH '0' !


Charting Markets into the Future...MǎҖ€¥.
  • #49
  • Sep 1, 2006 8:17am Sep 1, 2006 8:17am
Unbelivable - sack the economists -they're getting far too good! Didn't even hit my trigger for a safe trade
  • #50
  • Sep 1, 2006 8:26am Sep 1, 2006 8:26am
made about 32 pips, but tried to trade the retrace, so only up a few fake money. Could have been up more, but i got greey= learning lesson. I am still on a retrace trade, but Oanda and MB are freakin slow!!! Oanda is having problems, MB is not allowing me to close my positions. Man, hope this isnt the case with live accounts.
  • #51
  • Sep 1, 2006 8:35am Sep 1, 2006 8:35am
I took my position 10min before the release, 10pips less then my original, 'imagined' entry .. Banked half just now, the other half will trail... all the way down
It feels great to participate in snowball game, right Merlin? hol..ho.h. G
Enjoy the Labor day weekend!

Quoting SeekingLight
since raczekfx already mentioned some nice spots which I have, too


also I have seen consensus as 120k and not as 130k and people expecting under 100k....so there is nothing you can go by, if people already secretly expect only < 100k then we COULD see an opposite-logic reaction like the market did the last 3 new releases....things SEEM anti-dollar and dollar rallies...buy the rumour, sell the news....abandon all hope all ye who enter here
  • #52
  • Sep 1, 2006 9:11am Sep 1, 2006 9:11am
Traded ISM NEWS Got (+21) But Demo

My mood was bad after NFP trade.... so traded ISM Demo not live !
Charting Markets into the Future...MǎҖ€¥.
  • #53
  • Sep 1, 2006 9:20am Sep 1, 2006 9:20am
Keep your eyes open for the slow fade...
  • #54
  • Sep 1, 2006 9:24am Sep 1, 2006 9:24am
Quoting FiboFan
Keep your eyes open for the slow fade...
i already exit..... always in news trade i know most news avg pip, so i got my profit then exit.
Charting Markets into the Future...MǎҖ€¥.
  • #55
  • Sep 1, 2006 9:57am Sep 1, 2006 9:57am
part of their plan guys ..

you didnt notice that in the last period news dont move so much the market anymore ?

But anyway, i liked today better, much more relaxed movements and took 70 pips
  • #56
  • Sep 1, 2006 10:11am Sep 1, 2006 10:11am
I have a bad day.

My computer hard disk corrupted and have to install new OS.
Then I got infected by virus immediately upon connecting to internet - less than 2 hours to NFP. Then I have to download a large video card driver, XP service pack and the fx trading platform. I barely made it at 8:10....

However it is still not enough. TradeTheNews program was not installed and by the time I have it running, it was almost news time. NorthFinance decided to close connections. Im left with GFT and readied the straddles. News came out early and currency pairs started moving - TradeTheNews did not inform me of the result and I waited far too long and placed a market order instead.

Still managed to take home 20 pips.

Lesson Learned:
Get a Second Computer as backup! Repair takes time and stressed me out! All my trade utilities were not yet ready and was left watching the trend before I entered the market. In a hurry, I had only far fewer lots placed than intended.

Slow Week .. better luck next time!
  • #57
  • Sep 1, 2006 10:17am Sep 1, 2006 10:17am
Quoting BurgerKing
I have a bad day.

My computer hard disk corrupted and have to install new OS.
Then I got infected by virus immediately upon connecting to internet - less than 2 hours to NFP. Then I have to download a large video card driver, XP service pack and the fx trading platform. I barely made it at 8:10....

However it is still not enough. TradeTheNews program was not installed and by the time I have it running, it was almost news time. NorthFinance decided to close connections. Im left with GFT and readied the straddles. News came out early and currency pairs started moving - TradeTheNews did not inform me of the result and I waited far too long and placed a market order instead.

Still managed to take home 20 pips.

Lesson Learned:
Get a Second Computer as backup! Repair takes time and stressed me out! All my trade utilities were not yet ready and was left watching the trend before I entered the market. In a hurry, I had only far fewer lots placed than intended.

Slow Week .. better luck next time!
I can totally simpathize with that ! !
It is so hard to trade when you are rushed and rattled. I recently went through a ton of BS with my broker and platform and it almost killed my week.

Backup is a must ! ! I have a room full of computer to use. It is a nice comfort.

How bout that clean move on Non Farm though?? Bet that drove the straddler haters crazy !!! FREE MONEY !
Profit is where readiness meets Opportunity
  • #58
  • Sep 1, 2006 10:35am Sep 1, 2006 10:35am
Damn BK, that sux, as long as you made money, 20 pips, then its all good. We all had those stressfull moments, in one form or another. Mines today was about MBT and how i wasnt able to close my position for about 15 min after the report. Was i mad, yes (even though it was a demo). It still came out in profit, after the 15 min mark, profit was higher than when i wanted to close. BUT there was voilitily in the trade, so i wanted to leave ASAP, but i couldnt. Hopefully this isnt true with their live accounts, slippage that is.
  • #59
  • Sep 1, 2006 10:38am Sep 1, 2006 10:38am
Quoting BurgerKing
I have a bad day.

My computer hard disk corrupted and have to install new OS.
Then I got infected by virus immediately upon connecting to internet - less than 2 hours to NFP. Then I have to download a large video card driver, XP service pack and the fx trading platform. I barely made it at 8:10....

However it is still not enough. TradeTheNews program was not installed and by the time I have it running, it was almost news time. NorthFinance decided to close connections. Im left with GFT and readied the straddles. News came out early and currency pairs started moving - TradeTheNews did not inform me of the result and I waited far too long and placed a market order instead.

Still managed to take home 20 pips.

Lesson Learned:
Get a Second Computer as backup! Repair takes time and stressed me out! All my trade utilities were not yet ready and was left watching the trend before I entered the market. In a hurry, I had only far fewer lots placed than intended.

Slow Week .. better luck next time!
Back up Systems are Never a bad idea.

One of the precautions I take to expedite the Restore Proccess is...
Nice feature on VT Trader {probably available on other platforms but not sure about this} is Export Environment. This saves All my Indicators, TS, Chart Templates, Workspaces and a few more things to the location of my choice. A Jump Drive

Also on that same Jump Drive I have the Install Files for my Critical Software and keep it updated whenever I make significant changes to my environment.

The physical Jump Drive usually resides on my vehicle key ring which means I always have it with me if the need/opportunity for it arises when I'm out of the office.

Did i hear a few "Ah Ha". Holy S#|~ moments there. If I did, glad to help.
  • #60
  • Sep 1, 2006 10:42am Sep 1, 2006 10:42am
Quoting hunter101
Damn BK, that sux, as long as you made money, 20 pips.....
i say, as long as he didn't lose any
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