I was about to trade a trend reversal pattern on the USD/JPY just at 9am today (19 minutes ago). The price was at 104.47 and I was looking to go SHORT if the price touched 104.50. Before I could finish the order, the price starts shooting up . Within 30 to 60 seconds the price was up to 104.90.
I know this happens during news releases but there was nothing for the USD scheduled to be announced at 9am. There is a report expected at 10am for US Factory orders m/m.
I am checking some websites, checking the news…nothing.
Geeez, my head is spinning on how badly I would have taken it up the UKNOWWHERE if I had gotten my order in.
Fed chairman Bernanke speech. He talked about an end to cutting US interest rates and a warning about inflation, hence USD rally.
Usually not on the trading calendar because there’s no way of trading it in terms of forecast or actual numbers. It’s more about traders getting hints of the Fed’s sentiment on the US economy and it’s monetary stance.
Probably a good idea to keep it on your radar next time as there’s always high volatility during and after his speeches.
Geeez, I saw him speaking on CNBC and it was very calm, etc. CNN and MSNBC were not focusing on it. I did not think that was it but …OK…if he said there will be no more rate cuts that would certainly send the USD up up and away.
OK, so maybe the moral of this story is do not place orders at the tops of the hour? Or at least have the news on to make sure nothing like that pops up on me. lol
I guess I will look for an Evening Star pattern with a doji and ride in down to profit-ville.
Me too … but does it show Big B’s speech times in advance? Or if not, where to find out on a daily basis (not watching TV because also Bloomberg did not make a big deal of it)
Yeah, I stay away from the news as well. This one caught me off guard but I was not in the market so it did not matter.
I KID YOU NOT…I was literally 3 seconds from Shorting 1 standard Usd/Jpy and I looked to my Level 2 screen to get my price for trading between the spread and BAM!!! The price took off. lol
I was in a short position between the usd/eur as I expected it to go down. To bad i was asleep to make the huge pips but i manage to collect about 50 pips.
That happened again today…with the Unemployment news coming out bad for the uSA…I knew it was going down. so i placed my trade and BAM…i didn’t place my stop far enought down or i could of made more…rookie error…
The US ecomomy right now is like a pilotless BOEING 747 towards the ground…hopefully someone will get in that ****pit and pull up soon because i think bush is locked in the bathroom
