There’s a big game being played today on the EUR/USD between the 1.06100 level and then 1.05700 with the eventual aim of taking it much lower when the news breaks according to this guy The Forex Market is About to go Crazy. - YouTube, so you will see a deliberately weak looking dollar until then and then it power up at news time. Almost like it could lose the 105.00 level at any time type of thing.
@rocktrucker
I suspect that happens all the time. This whole financial system is a game. There is no real reason prices should go up or down to follow little lines on my computer screen.
That being said, hope its a great opportunity. Since I have already had a good morning, I may be done for the day…
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@rocktrucker
Ok. So I put in a pending sell on Eur/Usd with a SL of 3 pips and a TP of 15.
I’ll adjust as we get closer to the 8:30 Est news release.
No pain, maybe some profit.
I also have pending orders on daily charts for Cad/Nok and Nzd/Cad. But only looking for 25 pips each.
At what price though, as there will most be probably be immedicate whipsaw action that will take all the stop losses out before actually sending the euro in it’s eventual downward trajectory as a 3 point stop loss will get taken out easily. I have 7 orders in, 3 active and 4 pending. They range from 1.0610 to 1.06115. I did this same strategy of shorting high last night around 7 p.m GMT and it resulted in 46 pips a hour later, every time the price went up, I bought another order, etc.
@rocktrucker
Yup. A whipsaw will take me out.
I won’t notice the loss if it does though.
I am hoping to have my trade in a position where the first candle will close the trade either way. Odds are against me.
If I hadn’t already made a decent profit today, I would definitely work on doing what you are doing. I remember your strategy worked well for you last time you posted about trading the news.
I made a boat load of money when i started trading last summer as I was using big lots as the reason why I was sucessful as a beginner was because I was shorting the euro. That luck soon ran out when my wife in her wisdom who was trading with me was stuck in shorts when the market turned around and refused to get out of them and blew the whole account as she didn’t want to be wrong. 
Needless to say we have seperate accounts now.
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Well, I lost a lot over the first year and a half too. I suppose we need to lose in order to learn.
Sorry that happened to you. But very glad you stuck with it and are here to share your wisdom.
*Edit: SHE learn. Sounds like you were doing great.
Well I was so entrenced in short time frames that I didn’t realise the market had turned It’s no biggie losing that money tbh as lessons have been learnt as you say.
Now I want a boat.
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But still to this day none of us actually buy the euro, we just sell it.
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The world is going to change dramatically if USA goes to crypto currency. I should be keeping an eye on that.
The wife already has loads of that too, mainly she is down on that as she won’t trade it.
It seemed like an IPO to me. Buy in right away, sell for huge profit. Get out.
Not in this house it’s not
There went the coffee!
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@rocktrucker
You know, Rock, I’m still jealous your wife is trading along side of you, even though she’s not been wildly successful…yet.
My wife is waaaaaaaaaaaay smarter than me and I know she would do well. She’s also very financially conservative, so she wouldn’t take on a lot of risk.
Plus, its a lot of fun, until the day I have to count on it for income. Then it will become a job. That’s why I hope to transition to daily charts down the road.
You are most probably in a better position scalping at the moment as it’s more thrilling and dynamic. Once you get into swing trading on day charts you will be bored out of your mind as there’s nothing to do. However there is something with higher time charts and scalping on the lower time frames like 15 minute charts, All that is covered in that course I mentioned above, but I got a bit bored after a couple of hours, but the work he has mentioned in, as painfully dull sounding it is, is what we should all be doing.
@rocktrucker
Agreed. Scalping fits my personality much better. I suppose there is no reason we can’t do both. But my golf game needs a little work too.
**In all of my research, the traders that look to be the most successful to me are:
Either the ones using hourly charts and waiting for a reversal, pullback, then enter.
or
King of Forex scalping strategy.
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