Originally posted by Cooder
Change of name, do we still call you Dave.
I took a trade on China news. I didn't know you had written up the strategy so only winged it
on what you had said yesterday.
Tested it live as I don't have demo. waste of time on demo anyway as you get false entry and
exit points.. Had no trouble on entry price on open of next candle .72763. Closed @ .72838
Only traded .1 Lot size as only testing. profit converted to my account. AUD. $ 10.
Mainly tested to see how much time I had between the news notification and entry after 5M
candle close to enter. Plenty of time to read initial abbreviated reports and enter.
Set Stops and T/P after entry.
Now you obviously wouldn't trade it when it is a 7 pip trade 1:1. The purpose was a time
test on entry. So if ratios are consistent on all trades 1:1 it will be worth trading.
Looking at the price now , I don't think such a small pip movement is what you would
trade. So I will keep trading it on hopefully bigger first 5M moves. Now I will read your
strategy.
Chart after trade close .
View attachment 1357567
Yeah can still call me Dave. I changed my username for a couple of reasons; because I've been using different usernames for different websites and I can never remember which one is used for what. Second reason, probably not a good idea to have my name as my username in a public forum..
Trading the news isn't easy man, I make it sound like it is but it took me years to work out how to do it and I read so many books and watched so many videos. And I was constantly losing (but only trading a 0.05 lot size until I got it right).
The reason I chose 1:1 was because it seemed that's what the majority of others were doing in their books / online. Plus I noticed that sometimes it literally hits the 1:1 mark then reverses and hence my strategy was born!
I also chatted to some guy on a forum years back and he sent me a pretty decent PDF that he wrote and was planning to turn into a book. That's where I got most of my info. I've been trying to find it so I can post it here for you guys but can't for the life of me find it.
