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If you have decided to take this trade, please be very careful as NFP is an hour away. PLEASE DO NOT PLAY WITH THE STOP IF IT IS ABOUT TO GET HIT
Just do proper MM and let the trade do its thing. If it works then fine, if not then it's not the end of the world UNLESS YOU INVESTED ALL YOUR CAPITAL IN IT. SO DON'T
Good luck to everyone
Be careful now please
I am out
I hope you guys had as much fun as I did
Again, when there is no manipulation, things work out just fine and we get 120 pips in 10 minutes
When there is manipulation, we get out with very little damage
If you decide to stay, have fun
If you decide to call it quits, congrats
All of you guys please be nice with the pips
If you made some nice pips, go back and do some chart likes .. that would be nice
Do like a million of them or something .. lol
I think that we are in a trade that will fulfill my expectation from 2 months back
So if you like, try to re-enter on a retrace to capture the big move up
I'm closing this chart now. over the weekend I will try to do a plan for re-entry into this trade. In the meantime, enjoy your pips. Share the wealth with others. Buy your Mom a gift and tell her that you love her.
Also, please take some time to read my 2 slides about trading news events and about success or failure due to manipulation during those events.
They are both below
Have a good week end
1) When you entered this trade was this based on some guess around fundamentals, ie that NFP will be lower than forecasted? In the early last week, Yellen was hawkish. So I was assuming NFP would come better than the forecasted 159K. Surely I was wrong. For news trading I usually want to see the news release and then trade. But, what made you firm on long even much longer? I am curious to learn.
2) For news I currently see forexfactory. But it is usually late by approx 1 minute that is surely late if not too late! Is there any other source that brings the news faster?
3) You talked about manipulation that this NFP wasn't manipulated. Could you elaborate on that? What type of manipulation does occur around news and how frequently and in which pairs do they occur?
Appreciate your response.
1. I do not do fundamentals. I only know what time the news is. My perspective is that every piece of fundamental information is available on the chart pre and post the news. Also, my capacity to capture the collective fundamental picture for decision making will never be good enough. BUT, I'm not dumb though so I try to read between the lines of what the news wants us to think ;). As for why i took the trade before the news, well, it made technical sense to me and i know how things work during the news so i protect my capital. Please read my perspective on trading the news in my educational section. If you can not find it tell me
2. Yes. The charts. I did not check the results of the NFP for hours after it took place. I did fine. Also, trying to trade the impact of what you think the news means is very dangerous. So I would advise you not to use such a strategy
3. Yes you will find that in the slides i referred to above. Actually, I have the 2 slides in my comments on this chart. So please take some time to read them