FAILURE: UK Industrial Production was crap

[Felix Homogratus]

Hi there :embarrassed:

It looks like UK Industrial Production created a very ugly move. It came out at 0, and I told you in my signal that most likely GBP/USD will go down by 30 pips or more.

Well...the GBP/USD opened at 1.6358 right before the report. Then within 2 minutes, it went down only by 19 pips to 1.6339, and retraced up to 1.6373 within the next 5 minutes, before falling by almost 40 pips again.

Whenever the price comes back to above or below the pre-release price of the report, I count that trade as failure, because most of the time, the pre-release price is our stop/loss point. So in my book, I consider this move to be 19 pips, and we expected 30 pips, so it's definitely a FAILURE.

Click here to see the chart of what happened: Forex news trading currency exchange charts

Regards,
-Felix

 

[cosmopolit]

Well...the GBP/USD opened at 1.6358 right before the report. Then within 2 minutes, it went down only by 19 pips to 1.6339, and retraced up to 1.6373 within the next 5 minutes, before falling by almost 40 pips again.

More than 100 pips since then.

Whenever the price comes back to above or below the pre-release price of the report, I count that trade as failure, because most of the time, the pre-release price is our stop/loss point.

You are honest man.

But I, personally, would not count this as a failure. For me, the return of the price to
the pre-release one is just a signal to significantly reduce my "take-profit-expectations."
And I prefer the "mental stops". So, I did manage to close this trade with a small profit.

 

[mechtech63]

The way I do it is a pending order. If I did go for this one, it would have never hit my triggers. My rule is that if there is not enough action in the first minute to determine a direction, then I kill the pending orders.

Trading with mental stops will work in situations like this. It was a good call Felix, just went weird...consider the economy and year end making it so.

 

[Avi Segev]

More than 100 pips since then.



You are honest man.

But I, personally, would not count this as a failure. For me, the return of the price to
the pre-release one is just a signal to significantly reduce my "take-profit-expectations."
And I prefer the "mental stops". So, I did manage to close this trade with a small profit.

Dude, I count that as a huge succsses as I took the first time 1pp then after the spike took it again and it is still open and guess what.....life is good. all I am doing now is to move down the SL to max the profit

Thanks man

 

[LPIPS]

Embarrassed????

Hi there :embarrassed:

It looks like UK Industrial Production created a very ugly move. It came out at 0, and I told you in my signal that most likely GBP/USD will go down by 30 pips or more.

Well...the GBP/USD opened at 1.6358 right before the report. Then within 2 minutes, it went down only by 19 pips to 1.6339, and retraced up to 1.6373 within the next 5 minutes, before falling by almost 40 pips again.

Whenever the price comes back to above or below the pre-release price of the report, I count that trade as failure, because most of the time, the pre-release price is our stop/loss point. So in my book, I consider this move to be 19 pips, and we expected 30 pips, so it's definitely a FAILURE.

Click here to see the chart of what happened: Forex news trading currency exchange charts

Regards,
-Felix

:err: I think not, may have had an initial spike but ultimately went in the direction you predicted. way more accurate than any prediction out there!
Announcements always have a spike risk . Setting up pending straddle trades lowers the risk and may even make a bigger profit than you anticipated. In this case my pending orders were set at high and low of previous hour: buy 1.6376 SL 1.6343 , sell at 1.6343 SL 1.6376. Triggered my sell, never reached SL or buy when it spiked, closed order at 1.6223. Prediction that resulted in a 120pip profit with only 30pip risk a failure.???