Re: Is It Safe To Trade Pure Technical Analysis Or Do You Need News Too?

#31
I guess I would call myself tech only mate.

It's a personal preference what you do with your position during NFP. If the pair is going to be significantly affected by the NFP news (any USD cross) then personally, I would exit and take my profits. If there is opportunity to re-enter 30 mins after news, then consider that. Try a few experiments on a demo account during NFP and see what happens to your positions... perhaps you can make an informed decision then. Whatever you do, don't exit the position, watch the news, and then regret your choice because the trade went in your favour. Make a decision, formalise it as part of your rules and then stick to your rules.

If you exit your positions before the news, I promise you this... there will always be another trade around the corner ;)


Re: Is It Safe To Trade Pure Technical Analysis Or Do You Need News Too?

#32
Chopper wrote:
Thu Sep 12, 2019 10:11 pm
I guess I would call myself tech only mate.

It's a personal preference what you do with your position during NFP. If the pair is going to be significantly affected by the NFP news (any USD cross) then personally, I would exit and take my profits. If there is opportunity to re-enter 30 mins after news, then consider that. Try a few experiments on a demo account during NFP and see what happens to your positions... perhaps you can make an informed decision then. Whatever you do, don't exit the position, watch the news, and then regret your choice because the trade went in your favour. Make a decision, formalise it as part of your rules and then stick to your rules.

If you exit your positions before the news, I promise you this... there will always be another trade around the corner ;)
Agreed. I like your approach and attitude. Lots of people can learn from this!

Seeing as you're in Oz, do you stay up late and trade throughout the US session?
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Re: Is It Safe To Trade Pure Technical Analysis Or Do You Need News Too?

#33
ChuChu Rocket wrote:
Thu Sep 12, 2019 10:16 pm
Chopper wrote:
Thu Sep 12, 2019 10:11 pm
I guess I would call myself tech only mate.

It's a personal preference what you do with your position during NFP. If the pair is going to be significantly affected by the NFP news (any USD cross) then personally, I would exit and take my profits. If there is opportunity to re-enter 30 mins after news, then consider that. Try a few experiments on a demo account during NFP and see what happens to your positions... perhaps you can make an informed decision then. Whatever you do, don't exit the position, watch the news, and then regret your choice because the trade went in your favour. Make a decision, formalise it as part of your rules and then stick to your rules.

If you exit your positions before the news, I promise you this... there will always be another trade around the corner ;)
Agreed. I like your approach and attitude. Lots of people can learn from this!

Seeing as you're in Oz, do you stay up late and trade throughout the US session?
Thanks for the kind words mate. I learnt by making all the mistakes myself (and after 10 years of looking at charts Im still making mistakes haha). I'm getting better though.

This is probably off topic, but one of the best lessons I learnt was to find a trading style that suited my lifestyle. So to answer your question about trading US session - NO WAY! :D It's much more valuable for me to get a good night's sleep. I once traded an 8HR system (ie I had to check charts every 8 hours); Absolutely ridiculous and it burnt me out quickly. Not sustainable. Personally, staying up late to trade US session is also unsustainable (for me). Much better to have a consistent time period that you're able to trade in and still live your life.

These days, I check charts right before i go to work (which fortunately is right near market open). After 30 mins, I'm done for the day and dont look again till I come home from work (just to have a vague idea of what I can expect in the morning).

Best of luck to you mate. If you stay humble and keep learning, you'll do great, :!:




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