Make Easy Pips With Economic Calendar

[et_phonehome_2]

Originally Posted by scorpion

et, we trade against market's expectation. Why should we trade a long with their expectation? If they're correct, there won't be much volatility, unless the actual comes out too positive.

EURUSD Fractals Paint is red currently. It's telling us to short, but i'll long 1 lot.

So the calendar is always against the trend?

[Peace Lover]

So todays forcast for the NFP was wrong I see.

[rococo]

Better keep an eye on the calendar.

[shabs]

Hi Scorpion,

I trade the GPUSD on NFP , just my preference.

Surely it is dangerous to take a position based on your forecast without prior groundwork, what is the trend direction especially in the 4 hour, 1 hour, 15 min time frames ?

What are the nearest support & resistance areas that the price has to break to take on the position Long or Short ?

( these levels should be mentioned in your forecast ).

On the 1 hour chart these were 1.9722 for Long & 1.9690 for short , price ranged in this zone until the news.

Straddle trade works best but of course you have to allow for spikes in your stops calculation. You may lose on the one trade but hopefully the other direction produces enough pips to see you in profit.

Never the less some good contributions on this site.

Does anybody use VT from cms ?

regards, Shabir

[scorpion]

et, now it's mainly against the market's expectation. But in the future, the algorithm will get complex and specific to each indicator.

I closed my trade when it lost -36 pips. It was damn fast but allowed me to close. The second Bloomberg flashed 180,000, the price jumped to that already. I did try reversing to short (now profiting back 7 pips) for the sake of testing. I don't think I'll do this next time. It should be just closed and that's it.

Ok, it's now time to close the trade. Today's trading is -50 pips. Bad loss but doesn't surprise me; because it's inevitable. I risked 1 lot since Fractals Paint is red. If standard size for you is 1 lot, then today should be 0.5 lot.

My comment for today: trading news is extremely risky. It's pretty close to gambling, really. The calendar was half correct. The timing was precise. The market did move but against the forecast.

[scorpion]

Originally Posted by rococo

I am losing over 10k today real trading!!!


Too bad for a newbie.

Sad day out for me I guess.

By the way, I still have hope. that's the only thing you can not afford to lose!!!

Real money??? The market didn't move against us much. You traded 20 lots?

You're right anyway. Don't get thrown out because of this -50 pips lose. Make sure you have money management in place. Make sure you don't double the contract size next trade.

Let me write MM by Elder to you. One loss should never exceed 2% of account equity. You can lose up to 6% of account equity in any given month. If drawdown exceeds 6%, stop trading until the first day of next month. You'll then have another 6% to risk for the new month. By doing this, you cut the losses short during bad cycle and let the profit run during good cycle. Hope this helps...

[bearpaw]

I straddled and made 30 pips on the euro...

Thanks Scorpion.

BP

[knife]

This is a great site. Thanks for your efforts.
1) I tried to get the xml file and got an error message.
Is someting wrong?
2) Is it possible to get the forex trade data besides Alpari?

Thanks

[rococo]

Thanks scorpion.

[SpecialFX]

Sorry, but i didn't do a screen grab last time i straddled (it was March BoE Interest Rate, and it was "textbook")

I set a buy order slightly above the current candle High,
and a sell order slightly below the candle Low


Then the market volatility spread increased, and both my orders got filled! This acted like a perfect hedge, covering the spread, so the result was neutral.

The market made up its mind to go down, so i cancelled the Buy position, and let the profit run to the TP below!

I have to say, this was very satisfying, even in Demo.

However, this month I went all-out (Demo still) on the EURUSD news, and got stung.

It's a shame there isn't more high-impact news per month, as it would be useful to practice the "straddle method" more often.

An EA would be most useful for this method, as it involves some quick but "robotic" thinking to be done just before the news comes out.