Hmm, have you tried changing your ADR to GMT time? Have you had any success with it? Or do you actually prefer GMT +1?
Well, given the fact that I am now monitoring 10 pairs, like you, I too, will only be trading A++ setups, even one or two trades a week can easily reach my goals.
I will continue watching the London Close trades more closely as well and will keep in touch. And I will send you a PM.
My goal is to get 90% of the information ON THE PICTURE, so other than saying the yellow bar is Mondayās R1 level, I hope all is self-explanitory. The first exit is just 30pips, and the next 2 exits are the best prices I could get before london open (I didnāt want to be short into london open). If they line up with some fib extension levels, itās purely coincidental.
Hereās my style for tracking daily ranges. But most people here are talking about the ADR āindicatorā that is available on the first Post in this thread!
lolā¦ i was watching fiber today (no trade since so many big impact news coming out today ) and it has been relatively quiet thus far. Then when i switched to the cable. O_O ā¦ i thought i opened the wrong pairā¦ lmaoā¦the power of news driven trading i guessā¦ 33 will it have any impact on fiber though??
The fiber having confluent support around 1.4180 int level, S1, yesterday CPP and OTE from the swing high from EST 2.30-3:15 bar. Good entry for long following cable flight?
Potential profit target at around 1.4250 since being R1 and yesterday high.
Above analysis does not take into consideration impact of upcoming US major news though.
I watched that whole move from bottom to top in real time and didnāt feel the need to get in on it for 1 second. I think youāve fixed something in my brain! haha
I think I see an entry at about 1.6010-15 with confluence at MS1. Woulda worked with a 30pip stop! Still stoked about my +45 though
It was once likened to catching a bus to me. If the bus is sitting at the bus stop, and you think that it will head where you want to go, then you will get on board. However, if the bus is already moving pretty quickly, you would be mad to leap on even if you think that it is going to your destination - better to wait for another bus where you can take your time and do it safely.
News is often like a moving bus, to me, I would rather sit back and wait for something more reliable/predictable.
Any recommended place to know where or when such big news are released? I really got hurt on gbpusd today and definetly would of sidelined if i knew there were big news today.
Forexfactory.com has a news page which I have as my homepage. They colour flag news stories - I donāt trade any currency with a red flag for an hour or two either side of the announcement, longer if it is NFP (I take the day off) and I find my results consistent, it works for me.
thank you. Knowing that earlier i would seriously have sidelines and gotten some sleep today hehe.
Still, thanks so much ICT aswell , the loss wasnāt that bad [[decided to just risk 1% of my account]] and with slippage due to news, only lost an amount. Now to forget bout it and look for the next trade.
Hmmā¦ if risking around 1-2% per trade so wrong case scenario is trade being stopped out so i dont suppose u will āreallyā get hurt though? Unless u are risking much more than that and without any stoploss?
I got hurt mostly due to slippage, but since i practiced proper trade management, like ICT says, it wasnāt as bad as it could have been, it did still hurt due to slippage, but that was mainly due to trade news fault and not proper trade management.
lolā¦ yeahā¦ the big moves during new release is always temptingā¦ everyone wish to have a piece of that pieā¦ Having self control is hardā¦lolzā¦ that why i didnt even on my trading platform. (see no evil = do no evil ) lmaoā¦ Esp so bcos my analysis is almost always inaccurate on days with news releaseā¦ T_T
Think I will mainly be on Skype for the London close, but I will set the chat room up the same as yesterday if anyone is interested. There is a lot of potential tonight so maybe there wonāt be too much time to write! Be careful of very strong price action, folks. As ICT said when I took a LC Cable trade that was way over the ADR, āthat kind of price action is not suitable for trading London Closeā.