JPY finally moving in the right direction for me. USD not doing to great AND GBP still moving strong, so my GBPUSD trades aren’t getting any better. Interesting to see what BXY does around 128. It’s nearly there, will be watching for a pullback.
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I think testing them on the prop firms might be subjective to the prop firm. FTMO for example on a normal challenge does not allow trading news, but on a swing account (with 30x leverage instead of 100X) it does. Also it needs to take into consideration rollover and big spreads during the change of day.
I think you win the prize for best screen name Dan.
The strategy that started the thread is still unchanged. I have my own enhancements that I suggest. Which, if you are on mt4, would be the cap channel indicator.
Honestly, the thread has been going long enough where several different trading strategies have been discussed. So it’s kind of open to anyone’s suggestion or thoughts at this point. I trade most of the strategies discussed here myself. For the channel strategy I find myself more often using the six and 25 EMA’s as I think they work better on higher time frames as well. But I still think most strategies work and it’s just a matter of trader learning how best to integrate the strategy with the trader’s own personal tendencies.
As for the telegram channel, you can absolutely feel free to suggest that anyone reading this forum start one up or participate in one that you make. I might suggest one that is about managing open trades. It could be where a certain trade opportunity is suggested to the group and those who go in at it could give opinions on whether or not to stay in the trade or whether to cost average in other entries until profitable. I don’t think I need it, myself. But I do think that learning to manage open trades is what separates the wheat from the chaff and takes one’s trading to the next level.
Anyway, so glad you posted here and I’ll look forward to any of your future posts.
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I think it’s time to light a cigar for my euro/usd long with a huge assist from the news.
Riding it back down but I think it’s time to close on that profit too
For anyone who trades the news, please let us know your strategy. For me, the one that is nearly guaranteed to work is waiting for the spike to finish and to ride the trend back in the opposite direction.
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It was a good week. Not a great week.
I was good to get back to some scalping.
KOF trades - 3 wins.
Channel trades 5 wins.
Only 0.5% account increase.
Setups for pending orders based on D1 and W1 charts that may hit in a week or two.
**I try to reassess these trades until they are filled. TPs are set within parameters of Cap Channel and 200 EMA exit points (exit trades on Cap midpoint, opposite Cap line, or 200 ema). SLs are 3 to 4 times greater than TPs. This allows managing open trades by avoiding getting stopped out while considering adding cost-averaging subsequent entries. All SLs should be beyond the range of a high impact news spike.
That is how I’d do it. You can’t predict the move, but it usually retraces back almost all the way. Not always though, but if it’s going to take off, you don’t usually get the reversal candle for a while.
This is why I stopped turning my algo off at news time. If the direction is in my favour, I make loads. If it goes against me, it cost averages and makes money in the retracement.
One day I’ll get bitten, but as long as I’m up overall, that’s the aim.
Awesome.
From my perspective, you are one of our experts here.
It took me a couple of years to throw out the 1:1, 2:1 etc. Trading is so much more fun when not getting my SL hit.
I don’t feel the need to let winners run all the time either. Maybe I’ll get there someday, but for now, I am more than content with a 30-50 pip win and to look at the same pair again after the next pullback. That way, I really still get the same (in fact, more) pips until support or resistance is reached.
I don’t think I’m as comfortable as you are on the news. I take the coward’s way of just taking the retracement. Although I just get lucky many times by already having trades open and the news gives me enough pips to go ahead and close with a massive grin on my face the rest of the day. 
One more comment about stats on what happens after pullbacks.
I can’t confirm this, but was told by an investing firm, that there is almost a 90% chance that price will come back to at least 25% of the previous high or low. A 70% chance it will come back 50% of the way. A 50% chance it will come back 75% of the way.
The odds are very much in our favor.
**This advice was during a discussion about M5 charts.
I’m talking about EURUSD btw, not everything behaves the same way. Gold definitely wouldn’t be on my list to try this.
I don’t understand what those stats mean, but I’ve said before on here that if I was trading the news, it almost always retraces.
I’ve seen some people call these fast moves a gap. It’s not a real gap, but it behaves the same way. The common way to trade a gap is to the close of the previous candle, then it usually goes in the direction of the gap again soon after. So that’d say we’re expecting a move up on EURUSD at the start of this week.
Another method of this is after the first hour of the stock market opening. You often get a big first candle and then a small retracement the next hour or two, then a range until America opens. I’d look at the DAX for this, but probably not a good time for Americans at 08.00 UTC.
I’m far from an expert, but thank you for the compliment.
Completely agree.
Also, during the news retracement, the spread comes back down so its a good play. I’ve gotten in the habit of only watching for the spikes at 8:30am EST (New York) time. Its great because it usually only takes minutes to make a good profit. Then I’m out the door.
I took the profit. Now waiting for the pullback over the next few days and then we’ll see if we can’t ride this thing up again.
That played out today for me on GBPUSD. Luckily in the direction of my existing trade. 20 pips!
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Giving this another go. I’m a TV fanboy so hopefully I can manage it 
There’s got to be something on TV that’s close to the same thing. I bet it’s atr based.
Can you pull up the code behind the cap channel trading indicator or is that locked?
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