Make Easy Pips With Economic Calendar

[jimbo61]

Well I went with the chart stating that I should be long 30 min before the release. I was in (GBP/$), but as insurance I set up a straddle on the Eur/$ to make a play 12 pips above and below the price with 15 sec. to go.
Went negative on the GBP, so i manually closed it for a $30 loss. But my straddle was hit and made a nice $120 profit..
I think I will stick to the straddles, instaed betting one direction or the other.

[Drivefast]

Just a note for all you staddle taders. I have tried staddle on NFP before and got my butt kicked. The reason is because NFP will get revisions and can go one direction then make a U turn so fast that it gives you whiplash and takes it the other way. NFP is the one news event that scares me a bit just for that reason.

Straddling other news is ok to me especially if thier is only one news event scheduled at one time. My favorate is interest rates.

[goldivx]

Thank you very much for the calendar. And thank you everyone else for the additional information.

I just started forex 3 weeks ago. I had the thought on Friday to see about creating a strategy to trade news. So over the weekend I've been collecting information on economic indicators and calendars. Just found this site from that search. Actually, found the thread about the calendar that links to the main thread about the calendar which links to this thread.

Here is the strategy I came up with yesterday based on the friday afternoon US news. Haven't tested it much obviously since I just did it. But it worked on 3 markets with the 4 data releases.

Here's an image of EUR/USD. Click image for normal size.

Source: Fxsol.com's 'FX AccuCharts'

I have images for the other 2 markets as well.

(I messed up and added in my 3 pip shread to the profit.)

But anyway, I create a channel for somewhere around 8 - 10 hours. I then set up my trades 10 pips out from the channel on either side. This covers most whipsaws that could occur at the expense of some pips.

Ah...here is what I have written down.

1) Define Channel before News Release (10 min) [Average 8 hour channel] Define per Market and Real-Time Conditions

2) Initiate Buy and Sell Orders out from Channel [Average 10 pips out] Define per Market and Real-Time Conditions

3) Add Stop Losses to each Position [3 pip]

4) Upon execution of either -> Close Other Contract

5) Wait for 2 - 5 pip reversal on chart before exiting position

6) Wait for full drawdown shown by a 2 - 5 reversal in original direction

7) Open 1 lot in original direction with 3 pip stop loss

8) Close on 30 min chart doji or 5 pip reversal


What does everyone think?

[goldivx]

Actually, looking now at the USD/CHF chart the best way to do this is without stops. Pull backs aren't rare but I haven't seen a 20+ point whipsaw that would execute both positions.

[Drivefast]

goldivx I was wondering how much time before news anouncments you place your orders.

One thing you need to keep in mind when you staddle trade is that you can incounter slipage do to the fast price movement. This may not show up when you are using a demo account but you will notice it on a live for sure.

[goldivx]

Drivefast: About 10 minutes. Thing is I haven't tried this live yet. I'm going to try this week.

If I can just pull 20 pips a couple times a week, that's somewhat scalable.

[goldivx]

Just finished my calendar spreadsheet. Was consolidating several calendars found online including the one from Saxo Bank.

Does anyone know of the best (highest level) place to get the market sentiment from? A bank or agency?

Anyone know of other calendars that have the volatility? I have this site, ForexFactory, and FxStreet.

So...

I have 9 events this week with high volatility. (although I would like more sites to cross reference their volatility predictions)

I have 15 events with medium volatility.

And 51 events overall.

This site shows no high volatile events and 8 medium.

We'll see how it goes.

[Drivefast]

Goldivx, I don't advise you try trading live with only 4 weeks of forex experience. I have been doing forex on demo for about 9 months and I wont be trading live until I have proven to myself that I have a sound system.

I am currently using EFX group demo platform. With thier ECN I have notice a more realalistic demo environment. I have even had it do slippage on me twice, lucky for me it was in my favor both times. You don't have to use EFX group, but the demo is free so why not try it out? Sorry to say EFX has no charting package yet but they are planning to come out with one this year.

Good trading to ya

[scorpion]

goldvix, there's a possible problem with your system. Order won't execute when prices is moving too fast. When important news is released, the price just moves 70 pips in one tick or just say a second. In your screenshot, a sell order was in the middle of that monster tick. It may execute or not at all.

Your system may work well during the low-medium volatilities. Tell us how it goes...

[scorpion]

Anyone trading BoJ Monetary Policy in the next 2 hours? I watched Bloomberg doing interview with a may-be BoJ offcial. He suggested that BoJ will likely hike the interest rate.

I'll give USDJPY a short selling of 1 lot. C'mon! Test with me in demo.