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Diamonds Trading Signals Summary - Thursday, October 17 2019

Discussion in 'Current Forex Trading Signals' started by Peter O, Oct 15, 2019.

  1. Peter O

    Peter O Special Consultant to the FPA

    Jan 14, 2013
    Likes Received:

    How does after spike forex news trading work?

    Forex News Trading can be extremely profitable if you have an understanding of fundamental analysis and have good trade plans to benefit from price action as they unfold after an economic release. Do not worry, Forex Peace Army analyst will help you to identify high-probability tradable economic news reports and advise on the trading strategy. You can find more details at Introduction to Afterspike Trading using Diamonds Trading Signals.


    Diamonds Trading Signals Trade Plan​

    UK Retail Sales ⋯ 4:30am NY time (Thursday, October 17)


    Traded currency pair GBPUSD
    Initial spike duration limit 15 seconds
    Initial spike price action threshold 12 pips
    Triggering retracement percentage 35 %
    Retracement duration limit 40 seconds
    Maximum trade hold time after release 10 minutes
    Stop loss 10 pips
    Take profit 10 pips
    Maximum spread 2 pips

    1. If between 04:30:00am and 04:30:15am, so during the first 15 seconds you see GBPUSD move up or down by 12 pips or more, then enter in the direction of the initial spike at the very first 35% retracement if it doesn't take more than 40 seconds (till 04:30:40am) – and if spread is at 2 pips or less. Set stop/loss at 10 pips, and set take/profit at 10 pips immediately.

    2. If the move either up or down was less than 12 pips during the first 15 seconds, then the actual number of the report did not generate sufficient interest in the market, and you simply skip the trade.

    3. If by 04:40:00am, so 10 minutes after the report release, neither your stop/loss nor your take/profit points were hit, then close the trade automatically at market price of the time.


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