Hi there my forex friend,
First of all, thank you for all your concerns regarding my health. It is just common cold with runny nose but I decided to try some natural stuff as well. Believe it or not, I ate 4 lbs (close to 2 kg) of fresh lemons and 8 lbs of fresh oranges plus a lot of honey - just during past weekend. I guess it help pretty well but still I guess I need two more days to fully recover. But at least I was in a mood two write something longer than one paragraph.
Anyway, Canadian Employment change came out extremely positive for Canada: +96K deviation and slightly lower unemployment rate. However, it seems that Canadian dollar is on a sell mode and any economic announcement cannot change it. We saw a short-lining spike on USD/CAD or EUR/CAD and then the price reversed. I managed to take a few pips out of it on the spike because I decided to get out as soon as I got it on the spike despite of the number, which turned out to be an excellent decision. After paying high spreads, I made enough money for a few good lunches but it is still better than nothing or a big loss. I know some people had enough nerve to enter long USD/CAD on the spike down, and if you are one of them, congratulations.
A lot of people would ask is this is the end of trading news? Certainly, it is the time to slow down a bit. Right now the market is focused on other, more important stuff but once the things are settled down, I guess we will see nice spike trades going on again. For now, maybe the best idea is to enter the opposite side a few seconds after the announcement although this strategy is not universal either. If we had -95K deviation on Canadian Employment change, I believe we would still see a very nice spike with not so much retracement because this would agree with a major trend we have, that is selling the Canadian dollar. Therefore, sell on USD/CAD was very risky because the market took it as an opportunity to buy USD/CAD at the discounted price.
Nevertheless, expect Sir Pips and me to be very careful during next few weeks when giving signals. I made a lot of money from news trading, and I am not willing to give it back to my brokers - not even part of it. I can only get what the market gives, and I cannot act like 3-year-old that wants his/her favorite toy regardless of circumstances s/he is in. Even news trading is a serious business, and Forex is not only about making money but also about NOT LOSING money. It has nothing to do with giving up, it only means it is time to protect our profits and trade less (much smaller trade sizes) and differently than we used to. Because nothing is for sure, it takes some time to learn new patterns that are changing constantly anyway.
But I want to show you a very good video what taking profits in 3 sec. were all about:
If you really try to find any similarities in this video to our news trading, one of them would be a big yawn (especially while trading UK report that are 3:30 a.m. here in Chicago area where I live) before the actions starts, and then making a good money before even the broker figures out what is going on.... After all, "I am on a commission" too... lol!
Yes, indeed we are taking advantage of our brokers and the market, unlike what we saw on that video, there is nothing wrong in it. In fact, Forex or stock market is all about taking advantage of someone else, that is when someone gains, someone else loses... After all, who is changing spread to astronomical values, causing us to pay a lot of spread or other people to hit their SL if they were in position trades before the announcement....? This is what this game is all about.
But just waiting for old things might not be the best option either. Sir Pips, for example, started giving scalping session in the Diamonds room which is not as cool as making thousands of dollars in 3 sec. but still an opportunity to make some money so now the Diamonds is not only about trading "afterspikes" but also about some scalping sessions. If you want to scalp on your own, please make sure you know what you are doing. Do not allow yourself to lose your all your profits. Or try to scalp with Sir Pips and other traders in the Diamonds room, keeping in mind that you cannot use high leverage here.
So, don't worry, we will still be able to make a lot of pips - we just need to be more careful for now, and be prepared to go back with old trading style when the market goes back to normal.
This was my 3 cents regarding what happened recently. Fell free to share your thoughts and views. In fact, I would love to hear your story.
Here is what Sir Pips sent me for Monday's signal:
"No news worth trading tomorrow on Monday, so we'll look forward to a video signal for a few news items on Tuesday. I will let you know I'm cautiously biased towards the upside on equities, carry trades, and bearish USD for this week with options expiry coming up and some convincing efforts at putting a bottom into the major stock indexes. I'm long on the S&P for this week with some call options, and I'm position trading EUR/JPY long. Monday could be a little shaky, but things are oversold enough for now and we're due for a bounce in my opinion. Despite this bias, it's important to react rather than predict in the crazy markets we're dealing with."
That would be all for Monday.
Good luck trading guys!
-Crazy Cat && Sir Pipsalot
TRADE LIVE WITH SIR PIPS FOR $9.99 FOR 2 WEEKS!
Sirpipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $9.99 trial. Go to www.ForexDiamonds.com and take advantage of this offer. This offer is for NEW customers only.
To Our Success!
-Sir Pipsalot & Crazy Cat
First of all, thank you for all your concerns regarding my health. It is just common cold with runny nose but I decided to try some natural stuff as well. Believe it or not, I ate 4 lbs (close to 2 kg) of fresh lemons and 8 lbs of fresh oranges plus a lot of honey - just during past weekend. I guess it help pretty well but still I guess I need two more days to fully recover. But at least I was in a mood two write something longer than one paragraph.
Anyway, Canadian Employment change came out extremely positive for Canada: +96K deviation and slightly lower unemployment rate. However, it seems that Canadian dollar is on a sell mode and any economic announcement cannot change it. We saw a short-lining spike on USD/CAD or EUR/CAD and then the price reversed. I managed to take a few pips out of it on the spike because I decided to get out as soon as I got it on the spike despite of the number, which turned out to be an excellent decision. After paying high spreads, I made enough money for a few good lunches but it is still better than nothing or a big loss. I know some people had enough nerve to enter long USD/CAD on the spike down, and if you are one of them, congratulations.
A lot of people would ask is this is the end of trading news? Certainly, it is the time to slow down a bit. Right now the market is focused on other, more important stuff but once the things are settled down, I guess we will see nice spike trades going on again. For now, maybe the best idea is to enter the opposite side a few seconds after the announcement although this strategy is not universal either. If we had -95K deviation on Canadian Employment change, I believe we would still see a very nice spike with not so much retracement because this would agree with a major trend we have, that is selling the Canadian dollar. Therefore, sell on USD/CAD was very risky because the market took it as an opportunity to buy USD/CAD at the discounted price.
Nevertheless, expect Sir Pips and me to be very careful during next few weeks when giving signals. I made a lot of money from news trading, and I am not willing to give it back to my brokers - not even part of it. I can only get what the market gives, and I cannot act like 3-year-old that wants his/her favorite toy regardless of circumstances s/he is in. Even news trading is a serious business, and Forex is not only about making money but also about NOT LOSING money. It has nothing to do with giving up, it only means it is time to protect our profits and trade less (much smaller trade sizes) and differently than we used to. Because nothing is for sure, it takes some time to learn new patterns that are changing constantly anyway.
But I want to show you a very good video what taking profits in 3 sec. were all about:
If you really try to find any similarities in this video to our news trading, one of them would be a big yawn (especially while trading UK report that are 3:30 a.m. here in Chicago area where I live) before the actions starts, and then making a good money before even the broker figures out what is going on....
After all, "I am on a commission" too... lol!Yes, indeed we are taking advantage of our brokers and the market, unlike what we saw on that video, there is nothing wrong in it. In fact, Forex or stock market is all about taking advantage of someone else, that is when someone gains, someone else loses... After all, who is changing spread to astronomical values, causing us to pay a lot of spread or other people to hit their SL if they were in position trades before the announcement....? This is what this game is all about.
But just waiting for old things might not be the best option either. Sir Pips, for example, started giving scalping session in the Diamonds room which is not as cool as making thousands of dollars in 3 sec. but still an opportunity to make some money so now the Diamonds is not only about trading "afterspikes" but also about some scalping sessions. If you want to scalp on your own, please make sure you know what you are doing. Do not allow yourself to lose your all your profits. Or try to scalp with Sir Pips and other traders in the Diamonds room, keeping in mind that you cannot use high leverage here.
So, don't worry, we will still be able to make a lot of pips - we just need to be more careful for now, and be prepared to go back with old trading style when the market goes back to normal.
This was my 3 cents regarding what happened recently. Fell free to share your thoughts and views. In fact, I would love to hear your story.
Here is what Sir Pips sent me for Monday's signal:
"No news worth trading tomorrow on Monday, so we'll look forward to a video signal for a few news items on Tuesday. I will let you know I'm cautiously biased towards the upside on equities, carry trades, and bearish USD for this week with options expiry coming up and some convincing efforts at putting a bottom into the major stock indexes. I'm long on the S&P for this week with some call options, and I'm position trading EUR/JPY long. Monday could be a little shaky, but things are oversold enough for now and we're due for a bounce in my opinion. Despite this bias, it's important to react rather than predict in the crazy markets we're dealing with."
That would be all for Monday.
Good luck trading guys!
-Crazy Cat && Sir Pipsalot
TRADE LIVE WITH SIR PIPS FOR $9.99 FOR 2 WEEKS!
Sirpipsalot has a live trading room, in which he trades these news reports. There, he shares his trades in real time, including exact entries and exits, and detailed explanation for every entry and exit. The service costs $299 per month, but we have a 14-days $9.99 trial. Go to www.ForexDiamonds.com and take advantage of this offer. This offer is for NEW customers only.
To Our Success!
-Sir Pipsalot & Crazy Cat
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