Forex trading live calls and set ups

I am thinking of closing this thread (Beachtrader voted a No)

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My E/U trades from this morning. The chart shows about 60 pips of profit and also what an indecisive bitch I am :) . Notice the leftmost blue square - that's my limit order from yesterday that had a stop at 20 pips and a tp at 1.4 (around 75 pips) that I've canceled before I went to bed (pink square a couple of hours later)... that would have been the best trade of my week and should have been the only trade I made today (maybe I could have added to it when the price made a retest of the top of the bull flag) - on the rest of the trades I felt like I had sub-optimal entries.. Still, it was a good day!
 

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Hi guys, I will join you here if thats ok, had muted the idea earlier in the year but on reflection choose against it, but I'll give it ago. I trade primarily eur/usd and secondary eur/chf, trading mornings only 8am 12.30, short t/f swing trading only, open flat, close flat. Will join you from Next Monday, if thats ok.

On the lighter side, ever noticed when the words "I thought", "I expected", I anticipated, "I think" occur in your thought process, it doesn't happen, hehe, or is that just me, lol
 
Black Swan said:
2 questions; how many of these news spikes have you witnessed and how many have you successfully *played*?
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I've been watch the charts during every major news release for the past 5 months, I haven't been counting how my spikes I've seen but it is a statistically significant number. And yes, I did get burned plenty times early on, usually it was because I either entered at the top with nothing but hope that it would go higher and got shaken out by a major retrace or because I didn't take profits when they were offered and held on to losing trades when I thought that the market would turn around because the news came out better then expected and the price was moving the "wrong" way.

Now I just accept that whichever way the price moves is the right way and only trade the most volatile spikes (i.e the largest ones) by entering on a major retracement - this has cut down the number of news spikes I trade down significantly but made my news trading very profitable - so much so that I wake up at 3:20 am when there are important releases in Australia or New Zealand to see if there will be a few pips to be made on the market's reaction... Maybe my post has made news trading seem easy, which was not my intention - It took me a lot of time to figure out when it is possible to make some pips from a spike and when it is better to stand on the sideline.
 
Afternoon guys,lots of action I see.
This kind of trend/pattern I like,if it breaks its generally a huge spike up, one more little leg down would be nice
 

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Black Swan said:
2 questions; how many of these news spikes have you witnessed and how many have you successfully *played*?
Click to expand...

I'll bite here. First a little more about the way I trade: I only trade known news events this way and nothing on the fly. News spikes must be minimum 40 pips before I will enter on retracement. Stakes are almost always small....In other words I won't make a killing. Retracement of about 40% of initial spike prior to entry, stop loss is at the price before the spike. Initial target is about 2x the retracement but is managed and I often exit early if price stalls.

If I get stopped out it means price has retraced 100% and is now moving in the opposite direction. Reentry going in the opposite direction immediately with 1.5x initial stake, stoploss 25% of the down spike, target 50% of the downspike. In my own experience whiplash occurs somewhere along the spike, ALMOST NEVER at the original price. NO third entry if stopped out twice.

I have my own self-coded ea that does most of the work but I manange the trade manually.

A rough estimate is about a 55% success rate of profitable trades, however winners are marginally more than losers. I can remember only twice where I lost both the 1st trade and the reentry on the same news event. Luck plays a part as I've managed to manually exit before getting stopped out a few times.

Again, playing with small stakes makes it easier to stomach as it's happening and the ea relieves most of the stress getting the entry and exit right. Finally, IT ISN'T EASY OR FOR ANYONE WITH WEAK STOMACH.

Peter

ADDED: To be fair and to offer a bit of critique on my news trading: Taking into account the small stakes, the marginally larger winners than losers, and the time and effort I put into news trading, I don't really consider this to be much of a success. It began as an experiment. The fact that I can make SOME profit overall out of this feels good, but not really worth all the trouble. And it took a loooong time to get here.
 
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long jpy/usd at 81.34 s/l 20. Taking a flier it shoots up through line as posted
offers good r/r

t2win is slow today
 
EURUSD - still early doors, but 140 could be forming as support (previous resistance 13 oct)
Not one to trade yet as the down trend is still intact, watching though.
 
wackypete2 said:
I have my own self-coded ea that does most of the work but I manange the trade manually.
Click to expand...

I should think apart from a clear plan how to play it one needs extremely quick reactions.
Today when it happened, by the time I opened lower time frame chart (tick chart) my limit orders were hit and it was late for any adjustments.
IMO A trader need some sort of ea to stand any chance with this sort of moves.
 
Liquid validity said:
EURUSD - still early doors, but 140 could be forming as support (previous resistance 13 oct)
Not one to trade yet as the down trend is still intact, watching though.
Click to expand...

35 pips upside, down again, retest 140. trend still intact.
Double bottom?
 
I've finished with my trading for today. Just thinking about the next week EU trading ideas - possible short?
 

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bedsit said:
I've finished with my trading for today. Just thinking about the next week EU trading ideas - possible short?
Click to expand...

Weekly chart looking good for short, 140 looks like key atm
possibly slowing down today, friday as well : )
 
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