I have a two week, small account with 3k now, and NFP came out and usd stomped everything. I extended so much after the news release, I even had a forced margin close out of 80 bucks but made a grand?!
What do I do, I’m pretty new, within a year to trading. I will consider any advise or suggestions. Obviously I don’t suck at this so how do I get better. Can I trade these news releases with two triggered orders floating, one sell and one buy, one order 30 pips above the price going into the news release buying a .5 standard lot with 10 pip trailing stop and one order 30 pips below the price going in selling .5 standard lot with 10 pip trailing stop and adjust the +/- 30 pip range depending on the expeceted initial reverse trend right before the actual direction from the news release was established? That was a long sentence.
Yeah thats what im doing aswell, easy money. i think eur/usd new resistance at 1.10 good point to sell at i think. Your sell at 1.08756 might be too low but if you have enough equity you can ride it out because everyone knows eur/usd is going to parity.
Classic case of overtrading. Should save this one for the text books.
Well done on friday but i fear you better chalk that up to good luck. Trade like that and your account stands the real risk of being destroyed by this friday.
I closed all my positions. The trade was overextended but with that strong of a downtrend I just had to go in. Right now I have nothing open. Maybe wait until a small bounce and continue the short?
But there is NO support right now, it still feels like going down!
I was thinking the same, but hey, you’re hear to learn. Compounding into a winning position is the fastest way to blow what was an exceptional first trade.
Having said that, you’re position sizing is spot on, so perhaps not such a bad set of trades.
My gut is telling me that RBNZ are soft doves this release. They were just selling the kiwi off! Then they are saying oh its hit target? But before they said target was .68! Watch a surprise rate cut tomorrow! Even if neutral it will still go down!
I am certainly feeling tempted to override my system and take some profit off of the table with the euro especially. I got short Dec 17. But I am going to follow my rules and take half the profits on the next 4 week high and the other half on the next 10 week high.
Great trading, that is a lot of money made in just a few days well done, im a bit jealous ive been sitting on the sidelines since alpari uk went bust. What happened with the euro seems to have lost 3 % in 3 days. Dollar rally in full swing, guess people will start taking profit very soon.
I have a small size short still open with break even stop loss. Maybe a rally next week because fed. Sell rallies as they appear next few days. 1.10 is the roof!
Thanks hehe, maybe I did get a bit lucky BUT I have been sitting with 0 profit for 2 weeks waiting for this break to happen and I stayed up all night managing positions to milk profit as best I can.
Right now I’m still seeing Eur/Usd Sell maybe 40 pips maybe 80.
Nzd/usd Sell 60 pips / potential break below but probably not. (Aud labor survey neutral, nzd holding, pretty sure it will drop that labor survey was only near term chance for a nzd rally.)
Usd/Cad buy, not sure on this one I don’t trade it but seems pretty strong buy.
Interesting question my friend. One I personally dont ponder. I think it comes down to what type of trader you are. I’m a speculator so I look to profit in the here n now. Where the price is headed long term isn’t a concern. How it gets there is because thats where I’ll make my profits.
Now if I was more of an investor this question would ultimately determine my trade. I love reseaching banks sell side research. I note banks have varying views just like us. But I have found one common theme. The question whether the euro is going to become the new worlds funding currency? If yes then personally I believe the price could well drop to 0.80. If it doesn’t well I think parity will be tested but ultimately wont hold. Very interesting time in the life of the euro. Makes one glad to be alive and trading
I am not concerned with how low the trough will be. I am concerned with how low the 4 and 10 week highs will go before struck. Be they no further than current or hundreds of pips lower, they are the only things that matter. I have no clue where they will be struck.
