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immy wrote:the second trade, 82pipper is nice setup technically. however there is a problem. The trade was taken 20 min before the Biggest news that happens every first friday of the month. Its the biggest news for forex namely NFP!
Just to share an experience of trading NFP...I tried it long time ago with ECN broker. Pending order was used and after the rapid movement the order was filled with over 20 pips different price! With 82 pips move it's not that bad, but what if the market reverses rapidly, hits the SL and there is another >20 gap. That would result to a major loss within seconds.
I traded NFP later with dealing desk broker and with them the entry was filled as planned. Everything went ok for few times and then the dealing desk broker didn't like me anymore and put a restriction that there must be 30 pips difference between pending order entry and the price. Not much of that trading...
Immy thank you for the input. I did know that nfp was coming out and I was prepared for the news and the trade if it did not go the way I expected. Based on information from forex.com the dollar should have gone up when the news came out and the dollar seemed to be dropping nicely from the day before up till now. So I thought it would work out and that is the first time I traded nfp in years. Immy when you read this could you look at a trade I placed with the dollar Swiss today my question will be with the chart and thank you for all the help I still need a lot but I think my head is getting better. I did finish Bill Williams trading chaos edition 2 and I will read again before I read new trading dimentions.
Hi Tomi and thank you for the input I also have seen nfp go against me long ago so I do not really trade it. This day with the information I read it seemed like the price should go where it did go and I was prepared mentally if the trade went bad. I am getting better with my emotions, not where I wanna be yet but on the road.
bottom chart shows where I exited trade because I saw a black #4 and thought that trade was now going to go against me and start to form a wave #5. Second chart shows what happened after I left trade and I will add one more picture of this trade how it looks right now. Is this the way to handle this trade or should I have waited for the alligator to give me a signal to exit. Immy and anyone that would care to answer question THANK YOU
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bottom chart shows where I exited trade because I saw a black #4 and thought that trade was now going to go against me and start to form a wave #5. Second chart shows what happened after I left trade and I will add one more picture of this trade how it looks right now. Is this the way to handle this trade or should I have waited for the alligator to give me a signal to exit. Immy and anyone that would care to answer question THANK YOU
Trade Dot to Dot!
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Immy when you read this could you look at a trade I placed with the dollar Swiss today my question will be with the chart and thank you for all the help I still need a lot but I think my head is getting better. I did finish Bill Williams trading chaos edition 2 and I will read again before I read new trading dimentions.
