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Diamonds Trading Signals Summary - Wednesday, October 16 2019

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

  1. Peter O

    Peter O Special Consultant to the FPA

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    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.
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    Diamonds Trading Signals Trade Plan​

    UK CPI ⋯ 4:30am NY time (Wednesday, October 16)

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    Traded currency pair GBPUSD
    Initial spike duration limit 20 seconds
    Initial spike price action threshold 15 pips
    Triggering retracement percentage 50 %
    Retracement duration limit 60 seconds
    Maximum trade hold time after release 15 minutes
    Stop loss 10 pips
    Take profit 10 pips
    Maximum spread 2 pips

    1. If between 04:30:00am and 04:30:20am, so during the first 20 seconds you see GBPUSD move up or down by 15 pips or more, then enter in the direction of the initial spike at the very first 50% retracement if it doesn't take more than 60 seconds (till 04:31:00am) – 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 15 pips during the first 20 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 04:45:00am, so 15 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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    Diamonds Trading Signals Trade Plan​

    Canada CPI ⋯ 8:30am NY time (Wednesday, October 16)

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

    1. If between 08:30:00am and 08:30:15am, so during the first 15 seconds you see USDCAD move up or down by 10 pips or more, then enter in the direction of the initial spike at the very first 40% retracement if it doesn't take more than 40 seconds (till 08:30:40am) – 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 10 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 08:45:00am, so 15 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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    Diamonds Trading Signals Trade Plan​

    USA Core Retail Sales ⋯ 8:30am NY time (Wednesday, October 16)

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    Traded currency pair USDJPY
    Initial spike duration limit 15 seconds
    Initial spike price action threshold 8 pips
    Triggering retracement percentage 35 %
    Retracement duration limit 40 seconds
    Maximum trade hold time after release 15 minutes
    Stop loss 8 pips
    Take profit 8 pips
    Maximum spread 2 pips

    1. If between 08:30:00am and 08:30:15am, so during the first 15 seconds you see USDJPY move up or down by 8 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 08:30:40am) – and if spread is at 2 pips or less. Set stop/loss at 8 pips, and set take/profit at 8 pips immediately.

    2. If the move either up or down was less than 8 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 08:45:00am, so 15 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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    Diamonds Trading Signals Trade Plan​

    Australia Employment Change ⋯ 8:30pm NY time (Wednesday, October 16)

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    Traded currency pair AUDUSD
    Initial spike duration limit 20 seconds
    Initial spike price action threshold 20 pips
    Triggering retracement percentage 30 %
    Retracement duration limit 60 seconds
    Maximum trade hold time after release 15 minutes
    Stop loss 10 pips
    Take profit 10 pips
    Maximum spread 2 pips

    1. If between 08:30:00pm and 08:30:20pm, so during the first 20 seconds you see AUDUSD move up or down by 20 pips or more, then enter in the direction of the initial spike at the very first 30% retracement if it doesn't take more than 60 seconds (till 08:31:00pm) – 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 20 pips during the first 20 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 08:45:00pm, so 15 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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