Only 361 shopping days b4 xmas......FOREX

I feel ya Rick....my EUR/CHF trade was a lame duck as well....got to within 7-8 pips of giving me my limit...i jumped out with 7 pips

I dont see much of anything yet today...holding that POS caused me to miss a nice cross in EUR/USD...maybe a sell of JPY if it can push back up to 9330 again

 

LT i wouldve held on or averaged my way out of that trade but that me...im not sure what broker youre with but they prob have daily tech reviews with the pivot points...all kinds of helpful tools to make your trades easier

well, still going in that EUR/AUD short.  Almost hit my limit this morning, but missed by a few pips.  Still in the + though. 

i should've bought another lot on the dip, just decided to get out.

i'm with forex.com, i'll have to look at some of the resources they have.

Ive seen some good and bad reviews of forex.com over the last few years but ive had no problems with the platform,customer service is great and theyve been around as long or longer than most of the other brokers...and you can open an account with the UK branch to avoid some of the regulations they slapped on us..

 

how long have u been with forex.com?  have u gotten to the point where u are withdrawing money, or still letting it ride to build the bankroll?  they are easy to get money into, i'm just not sure about getting money out when the time comes.  i've read some pretty shitty reviews of them, but haven't had any problems at all (other than losing money due to my own lack of knowledge

buck...how strong does the rsi factor into your trades?  i've been trying to find trades with the di crosses and rsi that agrees, but have seen a few where there would be a cross but rsi would be on other end of spectrum.

Question

I am short AUD/USD with Fridays NFP looming. Will a positive report trigger sells on that cross?

If I stated that correct new to the game.

A positive report would raise the USD, thus making aud/usd a sell
The DMI cross would set up, but very quickly, the rsi is a bit low, and it seems to be resting on the .9152 fib line.  A positive report would send it pretty quickly to the 61.8 line ,  

A trick I have been using for a while going into reports is to set up a sell or buy (depending on which way I think it will go)  about 15-20 pips above or bellow the current price. 

If the report is positive then it will buy on the way down, and if it is negative,  I don't pay the spread or however much it runs in the first minute. 

IF you look at releases they are measured in 20 min intervals after the report is released.  you are not missing out on a lot of pips (in the long run)  if you wait for confirmation.

I cant believe I have to go play army on such a good report day.


There are a whole slew of reports coming out tomorrow
including unemployment and NFP. (two of the most important reports period)

correction the fib line is 9139. and if it breaches then It will be a sell.

about 10 pips away and moving ...............................

I would not advise holding into the report.

looks like it is playing hard to get with that fib line.

thanks rick

Regards to fib still learning it. Which chart are you using and what is the price at the 61.8 line? It'll help me know if I am using it right or not.

You think report will be negative? Because I also am long USD/JPY which I would have to drop maybe.

thought if it broke 9150 it would continue drop

I would seriously consider closing those before the report.

right now I am using 4 hr that show 100 @.8733
78.6 @ 8847
61.8 @8936
50 @ 8999
38 @.9062
23@9140
and 0 @ the high 9265 

I meant to say that 9140 is @ the 23.6 %

right now the feeling out there is that the NFP will stay the same, but at the same time the Unemployment numbers are coming, and they are expecting a slight raise.

I am expecting a larger raise in unemployment, due to the fact that most construction companies I have ever worked with have laid people off before Christmas, and then rehired them in Jan or Feb.  Dont take this as gold, but at my company alone they laid off 300 at the end of December (me included).

I would say that both of those reports are going to be dynamite when they hit, and I dont want to be standing anywhere near it when it does.

Look at the calendar Link

see the release   Link

then sit back and wait for confirmation, and take a position when there is less chance of capital damage.


I have gotten burned taking positions on speculation before releases. 

I have bet money on coin flips before.

But there are 5 reports coming out tomorrow morning.

2 serious
3 (medium) 

5 team parlay?

first big news day since I started

Would you suggest to get out of all trades

I dont feel comfortable telling you exactly what to do. 

If  tomorrow is a great day for the USD I do not want to be the guy that talked you out of profits.

I am just saying tomorrow morning 5 reports come out that could drastically change the USD.  I can almost gurantee that they will move the market. 

IF you feel comfortable with that sort of speculation that is all you . 

I would not feel comfortable with that risk.

I mean you could use stops ,  or any number of hedges. 

 What kind of move can that news do to a trade in general? 50 pips 25 pips 100 pips +/-. I know there is no right answer but what have you noticed in the past?

Yeah I always use stops. Usually a bigger spread but may shorten them for the am.

hell of a day for EUR/USD
that is going to have some real volatility. 

eur has GDP and UNEMPLOYMENT

and USD has NFP and Unemployment 

IT is possible for movements in excess of 75 pips in 1 hrs. time after release. 

not all of that is the minute of the release either. 

ok thanks for your help

gl

I was out LT sorry for the late response...Ive been with them for almost 4 years...no problem getting $$$...

News can move these pairs quickly..100 pips in mins sometimes...you can look through the charts and see candles of 100 pips on the 1 hr charts...not common but it happens...always best to wait to hear the news like Rick said..