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  1. #1
    Veteran Member randy1953's Avatar

    Wow what a move with the AUD !!!

    Super positive wage news Westpac consumer 7.8+ up from a previous -2.3 in Aussie sent it into orbit.
    I'm such a newbie I know nothing about trading the news. But my gut told me that there had to be a a retracement with such a huge moved. so I just went the other way with anything that had AUD and won them all!
    I'm not trading Forex but there were a hell of alot of pips to be taken on that one for sure.

    Speaking of price action as I was in another thread this is price action in living color. Honestly I was nervous about putting in those trades but the expry time sort of worked in my favor also and I knew it would retrace some but what I did not know is the time frame to enter after such news It didn't take love to the price to come back some maybe 15 mins.

    However that moved made a mess of things nothing now really seems tradeable. The AUD found a new home and the market is ranging back and forth. Interesting the NZD/USD reacted almost identical as the AUD/USD
    Last edited by randy1953; 08-12-2015 at 03:53 AM.

  2. #2
    Legendry Member milos's Avatar
    Business confidence in Australia fell in July to 4 points to 8 in the previous month.

    Price Index of wages in Australia rose in the second quarter to 0.6% from 0.5% in the previous quarter.It was in line with forecasts of analysts.

    RBA Deputy Governor Lowe will be spoken today at 6am by EST.

    It is expected to be published MI Inflation Expectations 9pm by EST today.

    http://www.forexfactory.com/

    Weekly review AUD/USD here is link below
    http://www.forexcrunch.com/category/...d-usd-outlook/

  3. #3
    Specialist Member protrader's Avatar
    I call it stop loss hunting
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  4. #4
    Veteran Member randy1953's Avatar
    Quote Originally Posted by protrader View Post
    I call it stop loss hunting

    Nothing wrong with that put in your SL around all the news and hope it goes your way the return is worth it I think in the possible pips to be gained.

  5. #5
    Specialist Member protrader's Avatar
    of course, many traders love stop loss hunting
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  6. #6
    Veteran Member randy1953's Avatar
    Why not the way I see it if you are fairly decent in putting your SL at the proper place you have a very good chance of having a nice pip run.
    As a matter of fact I wonder how you can lose at that game. Example you put a few SL on both sides of the market before any highly volatile news and just wait for the run. You are bound to catch it I would think.

  7. #7
    Moderator Kolyo's Avatar
    Quote Originally Posted by randy1953 View Post
    Why not the way I see it if you are fairly decent in putting your SL at the proper place you have a very good chance of having a nice pip run.
    As a matter of fact I wonder how you can lose at that game. Example you put a few SL on both sides of the market before any highly volatile news and just wait for the run. You are bound to catch it I would think.
    It is not a good strategy. It worked in the past but now it is almost gone. Before a big news most of the time the market move in the one direction just to reverse immediately after the announcement and take your position down! That’s why I never trade that way any more.

    Stop hunting is something very different. It can’t be explained in few words but mostly this is the way the big players take the positions from the weak hands of the retail crowd before moving the other direction. In order to do that, they need to move the price opposite to their initial position and touch the big SL levels where everybody is placing their stops. Than filling this stops and move in reverse.

    That’s what happened with your AUD trades luckily In the money!
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  8. #8
    Specialist Member protrader's Avatar
    Quote Originally Posted by randy1953 View Post
    Why not the way I see it if you are fairly decent in putting your SL at the proper place you have a very good chance of having a nice pip run.
    As a matter of fact I wonder how you can lose at that game. Example you put a few SL on both sides of the market before any highly volatile news and just wait for the run. You are bound to catch it I would think.
    You forgot about the probability where the market will be highly volatile but will not move, and wide swings would take out both of your trades resulting in a double loss.
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  9. #9
    Specialist Member protrader's Avatar
    Usually group of banks does stop loss hunting, since one bank won't have enough power to move the market that much.
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