Found the cause of the GBP drop. It was news based.
They released news for the UK Manafacturing Production of -1.5% where expectation was -0.1%. Y/Y figure 1.3% against expectation of 3.4%
The UK Industrial Production was -1.7% against the expectation of 0.0%. Y/Y figure -1.2% against expectation of 1.2%
So in all, it was all bad news out, however I do not know what I am talking about with the production figures. I was lucky I got the correct side of the trade. I also had setups on the Euro and JpyCAD but went for the GBP. The other setups have all gone the wrong way, so was lucky when I chose the GBP to trade 
Got to stop the luck and have it as informed choices though. The luck does and will run out, so need to be abreast of all news etc when it comes out so it doesnât affect the âstandardâ trade. News can knock a ânormalâ setup around too much and I feel we should shy away from it. I will start to look for a good news forcast service so we know when to stay out of a mad scalper trade.
On another note, sometimes it seems like a reasonable trade when there is a bit swing against expectation and price drops or rises a lot, that you can wait for the price to settle a bit, then enter a trade to retrace in the direction it came from. This seems to happen often with unexpected news. Last nights Euro was a good example. It went about 70 pips down, stabalised, went back up 50 or so and during today, it started to fall again and it is now again at the low level after last nights bad news.
Took another trade. AUD/USD long @ 2043 local time on what I thought was a madscalper signal. This one reversed as soon as I took the trade and got stopped out. 1 win and 1 loss so far for the day. Another one (but short this time) came in 20 minutes ago which would have been a winner. I was in having goodnight cuddles with my son and missed it. Cuddles worth more 
Missed it but there will be others. How are you guys going tonight (Stephen and Goldmember)??
as there were no ınterest to my offer for codıng the system, the offer ıs over
I am going to restrict myself to the gu and eu pairs, because the other ones are just fluctuating, whereas gu and eu tend to trend. I will see how things are next week.
Hey guys,
Didnât worry about any trades during the day here as the Aussie markets were closed for the public holiday, so only Tokyo open. Took my first trade @ 1820 on the Euro/USD @ 1.4360 but got stopped out. Seemed the trade turned as soon as I took it 
Another trade came up @ 1935 on the GBP/USD @ 1.6264 and won that one
1 Trade from two so far, hopefully at least one more will come up before bed tonight, but if not, there is no net loss for the day so still happy to take that.
Hi Kyle,
I saw that trade for the EUR/USD and GBP/USD but was worried about the Daily Resistance and chickened out, just as well.
You did well to get a few pips on the GBP/USD.
Let`s wait and see.
Regards
Stephen
I`ll see you tomorrow evening Kyle.
Regards
Stephen:24:
No worries Stephen,
Been up too late myself. Traded a bit today, but just over break even with it all. 3 wins, 2 losses and AUD/USD still going. Got SL and TP set though and it is only 1 pip in profit. Will let it go and tomorrow, Iâll either be breakeven or close to 4% for the day. AUD TP is set at 1.0592.
Bed time for me too. :24:
Well, the AUD got stopped out, so got quite a few trades last night, but came out 3 and 3 with a total loss of 0.05% due to spread.
Interestingly though, I am running FXCM and GoMarkets alongside each other. The GoMarkets one took a win on the Euro last night (2nd last trade) but as soon as the TP was hit, it reversed. The FXCM had higher spread and didnât quite hit TP, so that ended getting stopped out as well. So, the difference last night in the two accounts with orders placed at the same time etc for same % ended up being 4% difference in profit/loss. The GoMarket was 0.05% as I said and the FXCM was -4%. Shows how important tight spreads can be. This is the second time that has happened (one last week as well).
In all, not a good nights trading, as I just entered âBlindlyâ on the signals without looking a bit further into it. I will be more vigilant and look at higher timeframes as well to get a better overall picture (hopefully)
Hi Kyle,
I bit quite at the moment. I missed on entry earlier on the EUR/JPY,nevermind.
I`ll give go markets a go next when the FXCM demo account runs out. It is a good idea to try a variety.
Cold it Queensland tonight. Must be really,really cold down there. Keep the fingers warm on the key board Kyle.
I`ll keep an eye on the market this evening. Kids are out and my wife is at work, nice and quite to concentrate.
Regards
Stephen
Hi Stephen,
I am back to have a look through the rest of the night here (4 hours for me today I think). Just come back from dropping my son off to his mum. Tonight, I have got another window up for the upcoming news so I am aware of what is coming. Got that from Dailyfx.com
Been having a think about the different types of analysis today, Technical, Fundamental and Sentiment. Babypips is right. They compared it to a 3 legged stool where if one of your sides was weak, the whole lot would/could be weak as well. I am beginning to think that the Madscalper technical indicator could be helped by us taking more notice of the fundamental analysis. Petefader sort of indicates this in this thread by saying to avoid news events, so it would be a good idea to know what news is coming up.
Looking at the charts at the moment, the Aussie is just under resistance, so wait and see on it. GBP and Euro look like they may offer something soonish so will keep an eye on them. USCAD seems to have flatlined a bit on a support line. Eur/Jpy may have something within the hour maybe.
btw, did you notice the huge spike on the Euro an hour and a half ago. 40 pips in a 5 minute candle! Wonder what happened there?? No significant news for 80 minutes now, so will look to take anything in the next hour if it comes through.
Kyle
Hi Kyle,
I`ve been quilty of not taking enough notice of the fundamental analysis. But you are right. I just a bit excited when I see the entry and have also enjoyed the opportunity to trial the trigger.
I just went short on the EUR/JAP at 115.775, hold on.
Stephen
Out at 115.630. Stopped at resistance
Stephen
Looks like a good get out Stephen. Seemed to not be doing much at all. Am currently eyeing off a Eur/USD short. Just waiting for the right conditions in the next few barsâŠ
Also, only half an hour till US open, so things probably do slow a bit until then. Should be OK then as the two biggest markets are open together for 3 hours.
Hi Kyle,
When you get this message have a look at the GBP drop when there was an announcement regarding the jobless rate at
6.31pm. It just goes to show how quickly the market can drop within 5 minutes when there is bad news.
Stephen
Hi Stephen,
That did drop big time. Good reason to stay away from the news events. Iâve found Dailyfx.com has good info with the ucoming news etc. Shows what the news was last time around, what is generally expected, then what the news actually was once released. I seem to be a bit gun shy at the moment. Seem to have lost that confidence I had last week, but still try to stick to the system Am currently on a short with NZD/USD which is 2 pips up atm. I did try 2 trades when I was at work today while checking out the Aussie markets, but got the same as Monday, with 50% strike on it. One win and one loss. Will be good to get a nice run going shortly. Have taken a bit of a hit this week to date, currently down at the moment (-0.06%), but then again, I have had some good returns the previous weeks (4.86, 8.97, -0.06 this week) on the GoMarkets acct and (6.06, -3.15, 32.05, -7.71 this week). Big reason for difference between the 2 accts is spread has affected TP on a few where they have gone back to the SL. Each one that reverses like that is a 4% swing, thus the almost 8% difference as I had one occurence on Monday night and another today when at work.
Am also having a re-read of the babypips school to try to get some more principles etc in my head. Lastly fo now, you mentioned your âbalmyâ weather yesterday (I think). It is a sub tropical 3 degrees here atm. Was 0 when I went to work at 0630 this morning
Hey,
Quiet night for me tonight. I have my son here overnight and went to a birthday celebration as well. Once the little fella was settled, I had a look and saw that there were quite a few setups about to occur. Changed the charts to hourly to see the longer term trending and crossed off any that hadnât traded in the area I wanted it to go in. I then chose to go long with the GBPUSD @ 0015 local time (GMT+10). Once again, my FXCM acct got stopped out at 20 pips, but the GoMarkets one narrowly missed (-18.5 pips) then turned around and came out a winner @ 0049 local time.
Mixed feelings, FXCM has 4 wins and 7 losses this week, currently -5.83%, however GoMarkets has 7 wins, 4 losses, currently 5.71% profit. All trades were taken as close together as possible (within 10 seconds of each other), but the spread and maybe a bit of slippage definately seems to make a big difference. The different results only started last week for the first time, but has happened a fair bit this week. Maybe with analysis, a 20 pip S/L may possibly be relaxed, but I am going to have to do a lot of analysis on past results to check that out. It will also be more difficult to remove big news event items form past results as I am not sure how to get a list of past ones.
Anyway, enough from me tonight, I have about 5 hours before my son wakes up (early riser) so better get to bed. Interesting to see if tomorrow will bring a loss, as Fridays have been not so good for me to date, 2/2 losing fridays with GoMarkets and 4/5 losing fridays with FXCM.
Hi Kyle,
So many trades this afternoon to go short, some really great entrys. AUD/CAD, AUD/USD, GBP/USD, EUR/JPY, EUR/USD and a long for the USD/CAD. I wish every day was like this. But then if it was everybody would be trading. It just goes to show what can happen when there is bad news events.
Stephen
Very true Stephen. Had my son today, so just a few quick glances. Found many were setup at the same time, so it would be best, I think, to look at each and compare against resistance levels etc and chose what seems the best. I did that last night and got a successful one on GBP/USD with GoMarkets, but not FXCM. There is a setup hopefully about to occur with the GBP/USD again, this time long. Just waiting for it Hopefully, this Friday will be better than the last fewâŠ
Trade taken 15 minutes ago on the GBP/USD. Currently 9 pips up. Lets hope it comes through
