FX:AUDCAD   Australian Dollar/Canadian Dollar
40 4 4
If we get down to 1,0052 we have yet another completed Cypher formation in this pair today. The previous hit target 1, and broke even for target 2.
Let´s see what happens. If it is a loser, we are one step closer to a winner, since we have a pretty good idea of what will happen IN THE LONG RUN, due to our backtesting of this set up.
Another bigger Cypher is forming in the background, but we might as well see if we can get some profits on the way before it completes (if it does).

This is not a signal, nor should you take this idea for anything but an idea. I am in no position to tell anyone what to do. I only want to create discussion, and to train my eye..
Trade active
Trade closed: target reached: Targets reached, even though hard to get my orders filled.....
Trade closed: stop reached: I beg your pardon, I was wrong, a little tired last night :)

I should never have been trying to get in on this trade due to this:
Comment: 11:00pm NZD
Official Cash Rate
2.00% 2.00% 2.25%
NZD
RBNZ Rate Statement
NZD
RBNZ Monetary Policy Statement
Comment: Good thing I was never filled, eventhough it went way passed my limit order entry.
Good lesson, that in this case didn´t cost me any financial means.
Yeap. Always want to be mindfull of potential high impact news that might affect lower time frame opportunities. Most of the time better to stay on the side lines than to get hurt :)
Reply
johan.larsson PRO journeyofarookie2.0
Yes, sure looks like it. I acctually have in my trading plan not to day trade 15 before, and 1 h after high impact news is to be released. Question is what is high impact news :)
I guess that is what is red in the ForexFactory Calendar...
What are your rules for trading during News Florent?
Thanks for sharing and the comments, it´s is really helpful :)
+1 Reply
journeyofarookie2.0 johan.larsson
It depends the timeframe I'm trading :
H1 and higher I don't have any rules regarding news release
M15 and M5, I can't place orders or live trade 15 minutes before or after a high impact news (but orders that would have been placed earlier will be managed closely in case they get filled due to news release)
High impact news : the RED news release on the MyFxBook economic calendar
Reply
johan.larsson PRO journeyofarookie2.0
Cool, thanks man. Great input, have a great day!
Reply
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