Today was a little different than most days in the live room. Because of the NFP at 8:30 I didn't even bother looking for any trades in the market seeing how my rules tell me to stay on the sideline and enjoy the firework show. When the news event arrived the market went into complete madness, then retraced, followed by some more madness. Of course we were not involved in any new trades so we simply sat back and laughed, but it was pretty cool to see how the newer traders reacted to this monthly event.  Although we didn't trade for basically the first hour we did have some pretty good conversations ranging from money management to growing your trading business to me trading in a robe with a cigar swirling a glass of wine....Please don't ask lol.  But seriously though, we did cover a lot of topics dealing with trading which I really enjoyed. After the madness was over we identified a few setups on the hourly charts but none got filled by the end of the session. In fact we didn't get filled in any trades until the very end of the class. As of writing this both of the trades are still in progress 1 having hit tgt 1 with stops at break even and the other trading barely in the black.  So technically no pips were grabbed in the room today but we did have an 86pip winner from yesterday get filled for tgt 1 and for those brave enough to stay in the GBPUSD trade from Wed, grabbed over 100 pips. 
PL
2/4/2012

This post was funny..as well as how destructive it was yesterday. But there is maybe one strategy that could work for NFP Akil and I would like to have your opinion on it. You can go long (or short) on both EUR/USD & USD/CHF and when the results come and everything go crazy, you close the losing one and let the winner accumulate pips. Hedging involve much less risk.What do you think?

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Akil
2/4/2012

Funny you mention the hedging thing because I was talking a little about that in the room. When I first started trading I read up on a strategy where you would place an order above and below and like you said which ever order got filled you roll with. What your saying is a little different though but I wouldn't mind hearing more about it.

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PL
2/7/2012

I tested this strategy and it does work pretty good when there is a real huge breakout..the risk is when there is a ''fake'' breakout..when a S/R is broken and you cut the looser to finally see your winner losing pips and you end up with a bigger loose than if you had open only one position. So, this strategy is interesting for trading news such as the NFP.




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