My SL at 96.34 And No Limit. I am neg 28 pips as I type this. I am leaving this trade open . I dont think I will get stopped out. If I do I will sell it again.
I am trusting this Rubber Band Trade. It is gonna head down toward the 50 line . Maybe to the 94.68 area. It may take more then a week but it will get there. I may increase my stop to 100 pips and trail it. Not sure yet.
There is no AUD or JPY news all next week.
Mine is New York
[QUOTE=ārjmah319;635414ā] Mine is New York[/QUOTE]
Yes. But when is the setting for new candle open time? 17:00 or 00:00?
fwiw, mine is 17:00 New York.
CAD/JPY here is another, although a bit closer to the 50 MA
Iāve place a limit sell on this one for 94.06
As irfann said cad/jpy and nzd/jpy look good. Also gbp/jpy looks really good but Iām waiting for all the news for gbp to come out next week before entering. Has anyone noticed gold? I think itās almost ready, itās my favourite trade so far because it might go sky high based on the news of the US entering Iraq. What do you guys think?
Iād be careful about the GBP/JPY because itās the fundamentals that are leading the price at the moment.
Hi all,
Do you normally wait till the daily candle to close before entering your trades
Guys, I think you are paying a bit too much attention to all news and stuff, in my experience this is kind of the āfuelā that drives the price. you canāt stay outside each time thereās news while youāre based on techniqal annalisys, except maybe the really serious ones (NFP)ā¦ after all when you look back for backtesting I donāt think you calculate if some movement was driven from some news.
Especialy in this case in witch we are trading on the daily chart that is not as noisy as the smaller TFs while affected from news.
Does anyone think like me?
Another thing - Do you guys base your entries on Price Action ? It seems some are just waiting for price to get āfar enoughā or into a S/R zone with no PA, in this case, what do you base your SL upon?
1700 New York
I enter my trades diff ways. Sometimes at the close of a strong PA daily candle. Sometimes on a smaller TF mid day or at night. It just depends. No real clear cut way.
I know for me anyway, I have been stopped out by several diff types of news over the years. Interest rate, GDP NFP CPI etc. I do not always let the news dictate me trading or not. But I do like to be aware of it , and it may affect where I place my stop.
As far as stop placement , at the minimum , it is half of my target. Most of the time the target is the 50 line.
Many times there is no clear cut daily chart price action candle to trade . Sometimes, as you know, all you have is S/R zones or levels. So you have to enter in those areas. You can enter a daily chart candle sell if the candle closes lower than the previous candle or vise versa for a buy. Or just enter on a smaller tf , 4hr 1hr etc
I am sure you know all this.
But what do you do ?
I fully agree. There is no perfect way to trade, and you just cannot only rely on technicals. When we trade, what we are doing is making a calculated bet on how the market will move in the future. And no matter what technical levels maybe, news events (fundamentals) effect the future price movements, either big or small.
NFPās does not have the same impact anymore as they previously did, and I think the current market moving fundamentals are CPI/inflation, interest rates, and governor speeches of central banks and GDP. Employment does have a huge impact, but most of the time its short lived, from what I have observed.
As mentioned, news events create market spikes and takes out your SL and reverts back, so its good to keep an eye on fundaments. Information is key. Fundamental and technical.
I have traded news events in the past as well . But I always traded the retraceā¦never the spike.
Former Goldman Sachs trader Anton Kreil on differences between professional hedge fund traders and retail traders. This is just 1 of 3 or 4 videos. About 10 minutes. You can find the rest on youtube.
Anton Kreil did the Million Dollar Traders series on youtube as well.
This guy is absolutely ruthless when it comes to speaking the truth. Iāve seen some of his other videos and he tells it like it is.
Thanks guys for the insights about news! I will take it into concideration.
Great Video too.
Well, Iām just starting now to deal with this strategy and I think Iām going to take it this way:
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Because Iām looking for āonce a dayā strategies - only daily candlestics.
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Only trading when 50MA has a slope (no flat trades)
Only having PA form on nearby S/R levels (like AUDJPY long trade you guys took last month that was great) OR having price making a new S/R level and falsebreaking it (something I use in another strategy) -
SL few pips above the traded candle
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TP if the MA is more than 1:1 risk to reward than TP is there and moving daily if it gets further away. if PA form and no 1:1 to the MA then Iāll try something that Iām not 100% sure about but looks not bad when looking back - just placing the TP in 1:1 as the momentum seems pretty strong to the trend direction in these trades and most of the time move a bit more then the MA.
What do you guys think?