Forex News Trading Plans for Week 6, Feb 2 – Feb 8 2014

[zaghloul]

Dear Peter
I'd like to share with you with one idea and please judge if is it worthy to implement it to the sytstem. As you surely know different currencies has different strength in relation to others. There're many websites or software giving this numbers and using different algorythms, but more or less they are reliable in general as it is derived from statistic, historical data. You know that it is better to sell weak currency against strong and, opposite, to buy a strong currency against the weak one. The idea is to trade on two computers and set one of them only to "buy" option against another weak currency when the release supports the objective currency, and the second computer set only to "sell" option against the strong one in case when the reading is weak. For example this week, according to Relative Currency Strength Meter instaled on FPA pages, yen is the strongest, kiwi is the weakest and USD is in the middle between them, so if tommorow's NFP release is good for USD, try to buy USD against NZD (means to sell NZDUSD) or contrary, if the numbers are bad to USD, sell USDJPY. And is at all possible to set FNG only for "range to" or "range from" trigger? Thanks in advance for your answer.
Regards
gagolek

I agree with the principal of what you said, but I don't understand why you need two computers to do this. You can do this on one computer using one mt4 terminal, but with two order windows. Or if you use cTrader like myself you just need to use the favorites on the side bar.

 

[Peter O]

The environment - two computers or platforms or a single platform with one-click panel - is only the technical part I assume. The idea of optimizing traded pairs according to currency strength is very appealing to me. As with every strategy the next step is to translate it to simple logical rules and to test it on historical market prices. Actually I wanted to run and optimization anyway on Forex News Gun and Diamond Trading Signals parameters so I try to find a way to include currency strength as a parameter. Thanks

 

[Joh]

I don't like asking like this but could you please double check in your memories the button order you entered? Just because this is almost the only event that needs reverse button order. That is the first row belongs to Buy and the second row to Sell so we enter long when CAD suffers because we trade USDCAD. On Friday we trade CADJPY in usual order. With any other event for USD, GBP, AUD, NZD we trade Lower->Sell Higher->Buy order - but this event is an exception.

I double checked and you are correct Peter i goofed - so sorry, will do better next time

 

[Bernhard33]

hi
today friday we have 2 releace at the same time. my question, if both are triggered how the news gun manage it? it cant click at 2 bottoms at the same time? even my mt4 - i dont know - would need a delay for the second click?

 

[Peter O]

hi
today friday we have 2 releace at the same time. my question, if both are triggered how the news gun manage it? it cant click at 2 bottoms at the same time? even my mt4 - i dont know - would need a delay for the second click?

Forex News Gun is a pretty simple application: it clicks as soon as and as many times as it gets the release figure. So in this case it doesn't work with MT4 by default because order panel disappears on the first click. So the simplest thing is to have a one-click order panel and then you can configure as many clicks as you want. Newer MT4 has this features and other platforms like cTrader have it as well. But you can even use it with MT4 if you trade the same currency pair. For example if you traded with these two events only USDCAD you can point FNG to the same panel. It's very unlikely that both events trigger plus you are in trouble only if events were conflicting. It's a little additional risk on one side but more trading opportunities on the other.

 

[Bernhard33]

Forex News Gun is a pretty simple application: it clicks as soon as and as many times as it gets the release figure. So in this case it doesn't work with MT4 by default because order panel disappears on the first click. So the simplest thing is to have a one-click order panel and then you can configure as many clicks as you want. Newer MT4 has this features and other platforms like cTrader have it as well. But you can even use it with MT4 if you trade the same currency pair. For example if you traded with these two events only USDCAD you can point FNG to the same panel. It's very unlikely that both events trigger plus you are in trouble only if events were conflicting. It's a little additional risk on one side but more trading opportunities on the other.

yes i have 2 currency windows open in mt4 with a one-click order panel each. will it work?

 

[garfabg]

Hey guys, what a chance to make over 100 pips on NFP today if there was 8000 more..

 

[RussellBrown]

slippage

I got slipped 70 points on both my stop loss on a straddle and on FNG doing todays USA Nonfarm Payroll using ICM.

Be warned, they are no good for the news. Wiped out my bank yet again.

 

[Exoskeletor]

I got slipped 70 points on both my stop loss on a straddle and on FNG doing todays USA Nonfarm Payroll using ICM.

Be warned, they are no good for the news. Wiped out my bank yet again.

i didnt understand, what happened?

 

[RussellBrown]

i didnt understand, what happened?

I did a straddle as well as FNG, I had my stop 10pts away, ICM slipped me 70pts.
On FNG they slipped me exactly the same. Maybe this is the same slippage you get on all brokers during NFP?