Massive down spike in AUD/USD wtf?

[AyeYo]

Quote from TradeViper:

Entered before the move, look at a 1 hr chart. Thats all I can say, I wish I could explain more, but if you look at the chart you can see the calculated risk.


The Ever Calculating VIPER

Indeed, I can see it (and probably should have 40 mins ago as well). I still think it's pretty ballsy to enter a technical play prior to a news announcement. I wouldn't have, had I known. Then again that's probably why you're better than me.

Well played though. (Were I not at a bucket) at least I know my money would be going to good people.

 

[TradeViper]

SHHHHHHHH, 81.551, before the news. Thats it, I caint says no mo.


The Ever On The QT VIPER

 

[TradeViper]

Certainly not better, but maybe more experianced, thanks for the props. Now let me get my RATS out and my pirate hat on hehehehe.


The Ever Loving The Comedy VIPER

 

[TheRumpledOne]

Quote from TradeViper:

Certainly not better, but maybe more experianced, thanks for the props. Now let me get my RATS out and my pirate hat on hehehehe.


The Ever Loving The Comedy VIPER

Remember what H. Rearden said:

"Now, 2 patterns of market behaviour happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)"


RED RAT REVERSAL TRADE:

If price is NOT making a new high then it must be reversing from the high .

1) price within 20 pips of the daily high - that is OPPORTUNITY

2) green candle closes

3) red candle closes - note the low price of the red candle.

4) enter long at the red candle's lowprice

5) STOP LOSS IS 10 PIPS

6) Take whatever profit you can.

"The technique is so simple that just several lessons (or a few pages of explanations) cover it all. Now what? Now the student has to practice, practice and practice again to understand what he had been taught. The teacher DOES know much more than the student, but his understanding can't be "passed", "transferred" or taught in any way -- not even by reading books."

 

[TheRumpledOne]

I use a M5 chart to time the entries.

 

[Jason Rogers]

Quote from AyeYo:

Most certainly. That was never an issue with Forex.com. The news feed on that platform was great (to bad the platform itself sucked). They had constant updates of news release times.

Now I'm with FXCM and there's absolutely jack squat for news alerts. (yes yes, bucket shop madness, I know)

FXCM has a news calendar on DailyFX http://www.dailyfx.com/calendar and you can also subscribe to mobile alerts for the news events http://www.dailyfx.com/calendar/mobile_alerts/

 

[AyeYo]

Quote from Jason Rogers:

FXCM has a news calendar on DailyFX http://www.dailyfx.com/calendar and you can also subscribe to mobile alerts for the news events http://www.dailyfx.com/calendar/mobile_alerts/

Thank you.

As an aside - I know everyone rails on FXCM, but I think it's great. I've had no issues (knock on wood) and the platform is outstanding. My only gripe is the news feed. Can you suggest that they include it in the platform? I'd rather get actual news than their constant self-promoting messages. If I can get news alerts on my phone, why not right on the platform?

 

[Jason Rogers]

Quote from AyeYo:

Thank you.

As an aside - I know everyone rails on FXCM, but I think it's great. I've had no issues (knock on wood) and the platform is outstanding. My only gripe is the news feed. Can you suggest that they include it in the platform? I'd rather get actual news than their constant self-promoting messages.

I certainly will.