One of the most asked questions that I get on news trading is how to determine your entry. Let’s face it, spike trading is pretty much dead, with brokers playing tricks on you, widening the spread, delay execution, nasty slippage, you name it… unless you still deal with a broker that is from the dark ages of online trading, chances are you won’t find one that let’s you trade the news profitably, at least not for spike news trading… And for those who are still exploiting such brokers, you might risk account closure, or your broker may just outright take your money away on the basis of exploiting the market.
Henry Liu’s signature Forex Trading
I get asked a lot about my Currency Strength Meter and some of the best ways to use it. I made a short video (26 minutes) covering the 7 ways that I use my meter and I hope it will spark a new idea in your trading or point you to a new direction as you use my Strength Meter later on tonight.
http://www.newsprofiteer.com/currency-strength-meter-best-usage.html
I’d like to encourage you to leave a comment on my blog and share some other ways that you are currently using my meter, I’ll review your comments and incorporate them in my next Strength Meter usage video.
If you are looking for information on economic news and currency market [FOREX], look no further, because you’ve found it! You’ll not only find money-making trade plans and analysis on upcoming economic news, but also videos from actual trades taken live during these news releases based on the same trade plans, all for free!
If you are a beginner or never traded news releases, then please take a moment and read my post on the basics of forex news trading, you’ll get the basic idea of what are these economic news releases…
Every time before I get into a trade, I would analyze the market using my own mental checklist, and #1 item on that list is just a simple question:
REAL REASON FOR THIS TRADE?
Hello everyone, as promised, here is the video result for the live trading signal issued last Wednesday (7/15/09) during mid Asian Session on a general risk aversion sentiment, with the following trades:
SELL GBP/JPY (154.50)
SELL GBP/USD (1.6400)
SELL AUD/USD (0.8000)
SELL EUR/JPY (132.50)
If you remember it correctly, the numbers in parenthesis were my actual entries, and my original target was 50 pips per trade and then lock in the trade by moving my stop/loss at entry to prevent a winning trade turning into a losing one…
Here is a trade that I took earlier on today based on a few different reasons, but primarily on Market Cycle. Judging from the levels of GBP/JPY at the time of entry and combining with my overall long-term outlook for this pair, and just the general fundamental outlook for the Sterling (GBP) this week, I felt very confident in taking this trade and seeing it to profit in less than 2 hours.
