Are you still short on GBP/JPY??? You think that the trend is reversing now and it will go down direction ~1.53???
I'm still convused with this gartley because the prz seems really high but I think it's still valid and there is a divergence... It will be great to gat your opinion on it!
Thanks a lot
I would like to get some opinions regarding how to trade during the news?
Like this afternoon, the 1st Friday of the month, there is some big news on USD currency, I know that I lots a lot during these times maintaining my positions open...
I just whould like to know what you do guys in these time? Do you close your trade open on USD or set BE and hope that it works on just let the trade run???
Thanks for sharing
hi abdelazie46 :
.. sl depends on how much lots in trade :
while trading news better trade with small lots ,expecting volatility hits ...
this is my thinking on the topic of News trading:
- I do not follow fundamentals
- I do not observe that I have any edge to predict the news move. I do not trade the news.
- News increase volatility, so I do not open any new positions just before and during news
- Before the news I check my Stops for the still open positions. I may decide to close some of them, but I do not have a written in stone rules for this. Closing because of a fear of a strong News move against my position is not what I want my trading is.
- In most cases price move caused by News fits perfectly to the market fractal. So should be treated like the normal price move.
- News move can stop on exact Fibonacci extension/retracement level. So again a reason for me to treat them as normal price move.
- Hard to review the News impact on the historic charts. News are usually represented by a bigger candles (mostly doji). But there are other big candles on the charts that are no result of official news. So diffiicult to backtest.
- Unfortunatelly it's still not my proper habbit to check the news for the current day or week. I should be doing it better.
- There are MT4 indicators that display you the news on the chart, so you will not miss one.
Anyone to comment/add?
Abdelaziz, I completely agree with the above answers.
On H4 and HTF trades less concerns than on the LTF ones. LTF trades I prefer to be on BE or close before the big news hit.
On Fridays I prefer to have the same situation for any trades anyway. Even BE is not protecting you from a loss on a weekend gap, so my real prefernce is not to have open trades by end of Friday.
I do not trade news either, other than I am demoing NFP for 6-7 months in a row (referred to as "the cash machine"), my statistics are very good on it, but I do not dare to play it on real , not yet at least.
In that sence today is special, first Fri of the month NFP is a big deal, so this one will need special attention on all of your open trades.