@AmericanTrader got it. I’m going to try something similar for the next high-impact news. Maybe a trailing stop to lock in profits before it wicks back down.
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@elitetrades I’m starting to figure out that it’s worth it to have a possible eight pip loss in exchange for a take profit line for well over the eight pips. Also, since I was in my car driving when the news hit I couldn’t take the time to properly monitor it.
Crazy price action around the release. Giant wick up and then down. What the heck! That’s why they say don’t trade the news! Short TF makes it even crazier!
@samewise yes. I think I would only do it with a short stop loss. Knowing that half the time or maybe more than that would be losing that trade. But if you’ve had a good morning already and you want to take the risk, could pay off pretty well.
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Here’s a general group question. If it looks like there’s going to be high impact news that hits during the New York session, do we assume price will more or less range during the London session?
Looked like that today, no? I need to watch more days like this tho to get a better feel.
You guys may want to look at this for trading the high impact news as I have done it and it works.
I can’t attach anything or put up a link to it, but just google The “Sure-Fire” Forex Hedging Strategy
It covers you whatever direction it trades in after the news.
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But aren’t we supposed to use this at 8.00 AM GMT for the start of the London session for an hour and then between 10-12 GMT potentially missing out US news or are you still testing out the optimum times to trade this system? I made 37 pips today mainly from trading the US news BTW.
Frankly, I’m just wondering if I should sleep in if there’s reason to believe the London session will be choppy as traders place orders for buys and sells and assume a breakout is coming at NY session.
When I started the forum, London was easy, big money. Now it seems NY has been the big money maker. I expect, and hope, that they will go back and forth in bringing in the big paydays. There is still money to made in both sessions anyway.
My goal has always been to only have to trade for a couple of hours a day. I’d like to be in the position where a 20 pip winner is enough to fund my “lavish” lifestyle.
**I’m also going to be testing using larger lot sizes and only looking for 1 candle profit.
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Yes you could be right with the sessions as the market is always changing.
**I’m also going to be testing using larger lot sizes and only looking for 1 candle profit. :You have a taste for it now after today. 
Have a look at the Sure Fire Hedging system if you are looking for the 1 candle profit and experiment with it, it looks complicated but it isn’t. It does use Martingale for loss recovery, which is the only drawback as far as I can see?
@rocktrucker Thanks. I did take a look. For the time being, I need something I can quickly adjust on my phone and limit risk. I would make mistakes on even this sure fire hedging strategy.
For the 1 candle, It will take me a while to assess if I should place one large trade or 2 medium size trades so i can close 1 after 1 candle and let the other run. I’m thinking about using the Level 2 indicator to guide me on when that 1 candle is likely to go my way. Maybe when ratio of Bids to Asks is 65/35 or better.
Maybe I candle of the higher lot size could equate to 15 or 20 pips of my current trade sizes.
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Some of us are making serious cash today.
Hi all, I’ve updated the Trading View strategy (link at top of this thread). I’ve added alerts. Here’s the new description:
This indicator creates a channel from the EMA of the high and low. A signal is generated when a slow EMA crosses into the channel or a fast EMA crosses out of the channel.
“Maximum Fast Outside Length” requires the fast signal move from outside the channel across to the other outside of channel within this number of bars. I haven’t found this too helpful.
“Minimum Slow Outside Length” requires the slow signal to be outside the channel for this number of bars. This should filter some choppiness.
A volume moving average filter is also available.
NOTE: this indicator “repaints”. This means the signal may be generated in the middle of the bar, then go away before the bar closes. The alerts are issued the first time the cross occurs in the bar (also mid-bar). It is up to you to decide to act on the signal when it is issued or at the close of the bar.
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Here is where I’m at so far with the 1M CHF/JPY
(ignore the trade entry, it was done on the 15M chart).
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Thanks.
I needed something productive to do while waiting for EUR/USD which was not affected much by news.
Yen is just flying today