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Using the Daily Signals?

Discussion in 'Beginners Bootcamp' started by sergiel, Jan 27, 2009.

  1. sergiel

    sergiel Private, 1st Class

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    Hello all, I have been dabbling with Forex demo accounts off and on for a couple years but I'll be the first to admit I am completely green.

    I checked out the free signal for the first time today but have to admit I am a little lost already.

    They provided a recommendation baded on pending financial news regarding the GER IFO and AU CPI. He provided the expected numbers, but I am a little confused on where Forum members are going to retrieve this information when it is released.

    Is there a standard financial news website that members are referring to? Can this info be retrieved from the FPA Forex News Calendar as it is released or will the info be to old to be used by the time it is up on the site?

    Once I have this info, eg. Actual Ger IFO is 83, 2 points higher then expected 81, if I am correct in interpreting the signal this morning, the EUR should fakeout or spike, because it only deviated by 2 points. So the suggested method is to wait for the spke to peak and then sell. Are there any suggestions for us newbies on what to look for to determine when the spike has peaked? I noticed a trader lost 2K getting in at the wrong time (comments after the signal).


    Thanks in advance for any help you can provide.

    Serge
     
    #1 sergiel, Jan 27, 2009
    Last edited: Jan 27, 2009
  2. Pharaoh

    Pharaoh Colonel

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  3. sergiel

    sergiel Private, 1st Class

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    Thanks for the help, this forum is great!

    Just one more quick question, are the signals usually released several hours before the news numbers are released?

    Thanks
     
  4. Pharaoh

    Pharaoh Colonel

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    Signals usually get posted sometime late at night for news events the next day.
     
  5. sergiel

    sergiel Private, 1st Class

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    The Spike, Retrace timing?

    I just had another quick question if you dont mind.

    I was trying out the signals again today with my demo account. I am a little confused as to figuring out where I am in the Spike vs. Retrace as far as time frames. For example the U.S Interest Rate News released today at 2:15 Est was mostly positive (I think). From about 2:18pm to 2:27pm the signal spiked 72 pips (129.72) and returned back to the 129.00 level, then continued to decline bottoming out at 128.315 around 2:38pm.

    Assuming I am interpreted the news correctly (being positive), was this movement between 2:18pm - 2:27 the spike? Reading the material that Pharaoh kindly linked to in his reponce I was under the impression that the spike happens very quickly, ie seconds, then a retrace.

    Any help would be great, thanks!

    Serge
     
  6. Pharaoh

    Pharaoh Colonel

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    News that comes out as a fixed number can spike and retrace in seconds. The interest rates were left unchanged, and people needed time to read the accompanying statement looking for clues. Then it comes down to a race about who can read fastest and also how many large traders interpret things the same way.
     

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