Following are my account details:
Account number: 1349281
Investor Password: 7dlqxzx
Account Name: mjomha_demo
Initial Deposit: 5000$
Trading daily news releases that are well known to influence the market. As we know its very risky and more likely to be gambling and less like forex trading. So to take less risk almost 0% risk we are going to solely use pending buy/sell orders.
How it works 1-2 minutes before important news releases we open 2 pending orders 1 buy and 1 sell order. Offcourse we choose the pair will be influenced more by the release than any other.
Remember only Important news releases like retail sales, unemployment, NFP......etc that will be announced this week.
We open 1-2 minutes before news release 2 pending orders:
1 Buy stop order 20-30 PIPs above current price and SL set at BE or-5, TP 10-30 PIPs
1 Sell stop order 20-30 PIPs below current price and SL set at BE or -5, TP 10-30 PIPs
TP are set based the importance of the news release and after reviewing past news releases of the same news we compare and look at the PIP move that happened after the news release to determine our TP and SL.
Well its not really hard to guess but I'll be using maximum lot size per trade 100% risk because really there isn't much risk using this strategy and we have a tight SL this way we loose but small amounts but I doubt we will as prices move 10-15 PIPs in a second so our TP should hit quite quickly.
AUD/USD trade 2 important AUD data releases are due in a few hours which are:
Doesn't matter what values these 2 important news releases are either way AUDUSD will move either up or down between 30-50 PIPs so Our pending orders will be set. If we see no reaction to the news after 1-2 minutes after news release we simply cancel Our pending orders and wait for the next important news releaseBuilding Approvals m/m
Retail Sales m/m
So pairs going to used will depend on the pair that is influenced by the news.
After every profitable trade a quick "THANKS" would be appreciated