Originally posted by Cooder
Hi Dave, It ended up hitting . 7311. Unfortunately I had dragged my stop up. So stopped
out for $ 19.57 loss. So in realty it would have been a successful trade, but I had given up on
it and was surprised this morning it had hit the original T/P.
If I had stayed with my original S/L. below trigger candle, price got no where near it.
Also intrigued that , even though it should serves no real purpose, price stayed above .618 Fib
on same trigger candle throughout length of trade. So I made two mistakes, twice dragging
stop up for no real reason. Lucky first time and punished second time.
I'll keep trading this system as out of 3 trades so far, 2 were successful and 1 a " couldhavebeen"
As there are not many trades on offer in Asian session, I'm trading on Consensus, so how
much the experts miss it by. I think off hand jobs created was a big miss by them.
Like I said I will keep trading the core off your system for a couple of months at .1 lot size.
What I will be looking at is how many trades are successful in the smaller pip range and
if there are possible trades, instead of 1:1, maybe 1:2 or even 1:3. looking at 10-20 pip range.
Would trade those at 1 Lot position size if the win rate is up there after testing at .1 until
early next year. The rest of trades I would be looking at .6 to .7 depending on S/L range.
I know you trade the system on big reaction to good or bad numbers, and 1:1 is your T/P
but even that A/U trade added 25 pips... so far, after hitting my original 1:1 T/P.
As it looks like there are only a few trades available a month on big news, I will be keeping
stats and trading the lesser ones also to see what the success rate is.
I like it because you have defined entry and other conditions for taking the trade.
As a stand alone system, unless you were to stay up all night trading news events London
and US. , or trading 2 or 3 Lots per trade in Asia, it may be hard to make a wage off it.
Anyhow I'm in for a couple of months trading it at .1 and see what the results are.
Hey Cooder,
The way I trade the news is what works for me, but not necessarily the
best way to trade it. So yeah man, make it your own. I don't ever move my stops. I don't enter a trade thinking I'm right, I enter knowing I'm right - therefore, there's no reason to move my stop.. It'll hit my target.. and if it doesn't and hits my stop.. then I was wrong.
I also get up in the middle of the night to trade the London and US sessions. I do all my research before hand, setting the high and low figures I want it to miss by before I'll even considering taking the trade, set an alarm for 10mins before the release, check the result and if it missed by what I thought it would then I take the trade and go back to bed.
I also don't bother looking at every release/pair, I just focus on:
USD
EURO
GBP
AUD
- I'll look at NZD and CAD occasionally but they
have to be a big miss on consensus. I don't bother looking at anything else - even the Yen. I'm not watching the CAD this week because it's at 2.30am on Saturday my time.
And you could make a living just trading the news.. a lot of people do.. it just depends on your position size. I personally prefer regular trading from news strategies as it's easier and less stressful. But again, whatever floats your boat man.
