Just when you think you've got one!

Just when you think you've found a forex trade, I picked this out of this afternoons currency market scan, this was on the cadchf indicators were looking good apart from the volume indicator on the bottom is the wrong colour, I can see this being a valid entry in a couple of days so watch this space

Weekend is nearly here

My algorithm isn’t showing any trades tonight, didn’t even look at any US pairs for tomorrow as it’s Non Farm Payroll and the forex market always seems to get volatile and whipsaw about in any and every direction, I will check tomorrow evening to see if anything crops up but otherwise there no trading and it’s weekend time. Enjoy 👍🏻

No losses

AUD NZD – Update on forex trading 

News overnight led to a bit of a retracement in price and came very close to hitting my stoploss this morning, price recovered and was going along nicely, was about half way to my first TP when I was going to bed, however when I woke up I had been stopped out at break even, but during the day the price had been within a few ticks of my TP and is now even back at the same place, maybe I should of moved my stoploss back to original entry once the volatility of the news had gone, nevermind you live and learn.

I did find one trade with my algorithm on the EURNZD but there is high impact news listed on forex factory for NZD so I have decided to miss that one and will have another look tomorrow night

AUDNZD the latest

Latest on the open position from last night, still running showing small potential profit, but still a way from TP level of 51 pips to close out one half the trade. I moved my stop loss to break even as there high importance (red) news on forex factory at 1:30am uk time for the AUS, since red on discord forum that if it’s not employment or interest rate based news that I can disregard it as it’s not the No Nonsense Forex way, but there is so much information to learn, glad I can take it in now rather than making silly mistakes when live trading.

I did see my algorithm identify a few other trades but I didn’t see any point with them as they were also affected by news. 

Maybe I will create myself pre trading crib sheet or check list, to speed up the process, even it really only takes a few minutes to skim through the 28 major forex currency pairs. 

New Beginnings

I started a new demo account yesterday, it opened on £100k default account, I didn’t mean to open it at such a high amount, but never mind no going back.

I flicked through the 28 major forex currency pairs to see if any were showing signs of an entry, a couple of pairs look like they may be meeting the criteria for entering tomorrow and only one pair was available to open a trade, so I calculated my risk and entry lot size by the no nonsense forex method. I went ahead with two 2.07 lots of the AUDNZD  both with stoploss set and only one half with take profit set. At that point thought I’d done well and then realised I hadn’t check the news in forex factory, only to see red news item from the bank of Australia, the news announcement isn’t for a couple of hours but I suspect that it has already moved the market.

As you can see it’s not the most positive picture being painted but I’ll sit on my hands and wait until the daily candle close time and see what my indicators are telling me before doing anything, unless it hits stoploss first.