Forex trading live calls and set ups

[AFK]

Closed trade for +3. however if real money had been on the line I'm sure I would have closed at a loss. I read somewhere that trading methods without stops had a higher profit. It's a good lesson in psychology. I absolutely don't have the discipline to trade like that for real though.

If you let the market move hundreds of pips against you without closing your position, you will see it turn around and come back into profit 99% of the time which is why trading without a stop seems to be more profitable in the short term. The 1% of trades that don't turn around and come back will blow up your account, which is why people use stops.

 

[fxleopard]

Closed trade for +3. however if real money had been on the line I'm sure I would have closed at a loss. I read somewhere that trading methods without stops had a higher profit. It's a good lesson in psychology. I absolutely don't have the discipline to trade like that for real though.

You can do that easily on a demo account but on a real account trading without SL is a suicide in my opinion....

 

[redart]

short 1.6054
20pip stop

 

[redart]

offered me +22. I'll likely live to regret not taking that (i usually would have) and get stopped, but im trying an experiment on my profit take targets. We'll see...

 

[Rooster34]

Pound/yen long from .284 20 pip stop 30 pip t/p

 

[wackypete2]

Price broke out to the upside overnight :clap:

15m chart of eurusd. Nice Bull Flag pattern. This represents a pause in the uptrend. It's calling for break to the upside. The length of the upside break will be the same as the length of the flagpole, from about 1.3950 to 1.4135 = 185 pips up from the break level. This is setting up to work as advertised, but naturally nothing is guaranteed in life.
Peter

 

[redart]

offered me +22. I'll likely live to regret not taking that (i usually would have) and get stopped, but im trying an experiment on my profit take targets. We'll see...

yep. stopped
-20

 

[AFK]

I see that Bernanke's speach has made the dollar plunge, and my Oanda platform has conveniently crashed... Twice in two days... I not mad at them though, I haven't experienced anything even remotely resembling foul play from them in the 5 months since I've been with them, in fact more then once I got taken out by a news spike that seemed to gap 20-50 points past my stop only to find out that they have closed me out with no slippage!

 

[wackypete2]

eur..geez. What pops up must crash down. Was Ben speaking?

nevermind... AFK posted right before I did!


Peter

 

[AFK]

maaan, I love trading these news spikes, if the price spikes 50 pips or more in the first seconds after the news are released just wait for it to retrace most of the move (it usually does that in the first 2-3 minutes) and jump in with the stop below the low of the 15 min candle - 9 times out of 10 the high of the spike will at least be retested and maybe half the time the price will push farther, on occasion the spike will set the direction for the day and you will be in for a major payday. It should be said that this isn't for the faint of heart or the slow.. these retraces last seconds and if you miss them, DO NOT ENTER. whenever i entered at a less then optimal price I got shaken out at a loss by a whipsaw only to see the trade move my way a minute later (I suppose my balls are just aluminum, not steel 🙂 )

 

[Black Swan]

Just the 2 small TF day-trades for me today and that's it on these small TFs for the week; have taken approx. 130 pips off the small TF (trading the Euro only) this week.

Have taken 9 day-trades only this week;

7 winners, 2 losses
Average win 24 pips
Average loss 19

Today's trades;

Stop 25
Trailing stop 32
Profit limit 50

Pips + 36

News related spike took me out at +51

 

[AFK]

Price broke out to the upside overnight :clap:

Indeed it has 😀. And once again I did something stupid and cancelled the buy order I made yesterday before I went to sleep after I specifically decided not to do that just half an hour earlier... Having said that I've been up since 8am CET, which was just in time to buy the retest of the upper trendline of the bull flag after it broke out 😀, later Ive been buying pullbacks of the breakout and actually managed to bag around 60 points. had my Oanda platform not crashed I would have surely bagged another 40 pips at least during Ben's speech. I'll post a chart with my E/U trades later when my platform comes back online.

 

[wackypete2]

maaan, I love trading these news spikes, if the price spikes 50 pips or more in the first seconds after the news are released just wait for it to retrace most of the move (it usually does that in the first 2-3 minutes) and jump in with the stop below the low of the 15 min candle - 9 times out of 10 the high of the spike will at least be retested and maybe half the time the price will push farther, on occasion the spike will set the direction for the day and you will be in for a major payday. It should be said that this isn't for the faint of heart or the slow.. these retraces last seconds and if you miss them, DO NOT ENTER. whenever i entered at a less then optimal price I got shaken out at a loss by a whipsaw only to see the trade move my way a minute later (I suppose my balls are just aluminum, not steel 🙂 )

Exactly how I play news trades...wait for the retrace. I usually like to see about 40% or so retrace. Makes a beautiful entry position, and yes the initial high of the spike usually gets retested.

Good Post.

Peter

 

[Rooster34]

Pound/yen long from .284 20 pip stop 30 pip t/p

Out+30 great way to start the morning, even if it's just demo money 🙂

 

[AFK]

I'm watching my IGMarkets advanced charts and I see that Ben's speech had it's usual effect - first a major spike, then a complete fade 😀. Longer term traders surely wish he would just shut the f*** up 😉

 

[bedsit]

I'm watching my IGMarkets advanced charts and I see that Ben's speech had it's usual effect - first a major spike, then a complete fade 😀. Longer term traders surely wish he would just shut the f*** up 😉

Let him talk. 👍

I haven't checked important events schedule properly. Anyway I was long EU and GU and not long ago it looked like there's no hope whatsoever - close to the stop. Then all of a sudden - bang.

That was so quick - I don't think I could have taken that profit without limit orders.

 

[Rooster34]

Exactly how I play news trades...wait for the retrace. I usually like to see about 40% or so retrace. Makes a beautiful entry position, and yes the initial high of the spike usually gets retested.

Good Post.

Peter

Just learned something, thanks guys. Now if I can REMBER it.....

 

[AFK]

Here's today's E/U chart that is a perfect demonstration of a trade-able news spike - on my IG charts I saw the price retrace down to 1.411 around 2 minutes after the price spiked. it was possible to bag 20-40 pips on the first candle if one entered on a retrace and if you missed the retest of the high on the first candle you had a chance to get out at a profit near the high of the spike on the next candle. There usually are a couple news releases every month that create these kind of spikes - if you patiently wait for them you will make some of your easiest profits with them. just be wait for a retrace, then either bag a retest of the high and run or close a part of your position, move your stop to break even and hope for more..

 

[wackypete2]

eur and aud down about 100 pips from highs in the past hour.

Peter

 

[Black Swan]

Here's today's E/U chart that is a perfect demonstration of a trade-able news spike - on my IG charts I saw the price retrace down to 1.411 around 2 minutes after the price spiked. it was possible to bag 20-40 pips on the first candle if one entered on a retrace and if you missed the retest of the high on the first candle you had a chance to get out at a profit near the high of the spike on the next candle. There usually are a couple news releases every month that create these kind of spikes - if you patiently wait for them you will make some of your easiest profits with them. just be wait for a retrace, then either bag a retest of the high and run or close a part of your position, move your stop to break even and hope for more..

2 questions; how many of these news spikes have you witnessed and how many have you successfully *played*?