FREE FOREX STRATEGIES

Scalping system #1 (Economic news releases)


 
Look for the important news to be released. Choose the most influential ones that are expected to shake the market well. Once got news (last can be found in any Forex economic calendar) find out which currency pair is going to be affected.

Now, 15 minutes before the data is released place buy/sell stop orders on both sides 15 pips away from the current price.


Read entire post >>>


 


thats a risky venture

Hi Timmy,

From Economic data and news releases we learn about current economic situation of a particular country (and then we trade its currency). That's why you see only one currency abbreviation in front of each news. There are no news for currency pairs.

From Forex Economic Calendar we can initially learn which news are expected to have high impact on the market and which aren't. In addition to that you would need to analyze numbers of Previous and Forecast columns in order to determine the chances of market being "excited" or calm about the news. When Actual numbers are out traders also quickly analyze the level of unexpectedness of the Actual data, e.g. how much does it differ from the Forecast value.
I'd suggest reviewing Forex fundamental analysis website for detailed information.

Regards,
Edward

Hey Edward

How do you know which releases will have a big move?

I have a calander which shows the importance of the releases but still the ones with high importance sometimes have little effect.

Also how do you know which individual currency pair to trade?

My calander tells me the currency like EUR or USD but it doesn't say which pair.

Thanks
Timmy

Hi Agus,

There is always a chance to be caught in a double order hit and end up with two losing trades. But usually you have a window before the market turns against you. If you scalp it without leaving trades open too long, you have a better chance to escape unhurt and make some profit.

Regards,
Edward.

Is there any chance that every important news release the market won't go one way up or down and not go back straight?

Rgds,
Agus

I saw MT4 platform, but I don't know how to make two MA appear on MACD. Try asking support team at your broker website.
Actually, it shouldn't be a problem to trade without a second MA since MACD's histogram flipping along 0 line reflects the same data as two MA cross. So, you may rely 100% on the histogram itself.

You may choose the lowest or the highest leverage, it doesn't matter as much as position sizing for a mini-account. What you absolutely must do is to trade the smallest lot possible. E.g. if your broker allows you to trade 1000 units lot, that's very good. If you are limited to 5000 units minimum - that's getting dangerous with your small investment. But if your smallest trading position is going to be 10000 units, that's way to much!
Once you are done with position sizing you can freely choose the highest leverage available. It will allow you to have the lowest margin requirements and won't affect your trading as long as you keep trading small lots.

Regards,
Edward.

how can i make two MA appear on the MACD in MT4?

i want to open an account with 400 USD. can you please tell me what leverage to use.

This website is the very site to talk about. it is really the best forex learning website. Reply ASAP.

Thank you, Gibson!

to clarify my prior post here - no matter whether the news is positive or negative, you don't know which direction the price will jump, and would not have time to figure it out anyway.

a directional momentum indicator, i.e. a "juice" indicator, will provide some help. when the movement/momentum is strong enough it will show red or green to indicate your trading direction.

don't worry about stops until after you get into the trade. one can place pending orders above and below the price consolidation range but you are taking a risk because, often, the price will jump in the wrong direction before turning around.

another heads up on the direction may be indicated by a level indicator like a pivot or camarilla or murrey math line. if the price is already trading at a very high or low relative level, i would not take a trade in that direction.

try is out with a mini-lot first.

happy trading,
gibson

just wanted to mention that if you miss a news trade because it moves too fast, all is not lost. you can use the fib tool to measure the retracement bounce down to 62% and then open a position back in the trend's direction.

also, a directional momentum indicator may provide some indication of the direction of the trade.

kind regards, gibson

No broker can fill orders correctly if the price bursts insane, but in all other cases when it has a relatively controllable move, there should be no problems with any of the brokers.
To be honest, I don't have an information about a perfect broker.
But, here is a website that might be of some help:
http://www.100forexbrokers.com/

Also may be our own basic research can give some ideas about brokers and their approach to scalpers: Brokers that allow scalping.

Regards,
Edward.

Hi

What broker can fill those orders correctly during important news events?

Thanks.

(I trade live, and I've used a similar method but also with SL)

LM

Since we place buy/sell stop orders in both directions, we have to make sure that our stop loss order can be filled before we enter an opposite trade in case the price changes its course...

So, some 13 pips away from the current price should be fine; or the same, simply 2 pips earlier than the point where an opposite order awaits.

Thank you,
Edward.

please i will like to know how to activate stop loss on this kind of trade, thank you.


 

Post new comment

CAPTCHA
We read every comment. Proceed if you're a human: