So far so good for today. The NZD trade hit our OT triggers and spiked about 55 pips. The spread on one of my brokers was 35 but I still let it take me in and once the station unlocked and the spread went back together I was up a ton. The only strategy that did not work for me was putting one of my Straddles in 12 seconds before the news came out. The problem was that when my stop orders went in the spread (more…)
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Well, just got home from Fla. Canceled flight and no luggage upon return were just two of the treats the airlines had in store, but otherwise a great trip. Lets take a quick look at the upcoming trades for the week. Trade room trades are labeled as LOTN.
Wed 3/9 3:00 PM EST – NZD Official Cash Rate
Wed 3/9 7:30 PM EST – AUD Employment Change
Thu 3/10 4:30 AM EST – GBP Industrial Production (LOTN)
Thu 3/10 7:00 AM EST – GBP Official Bank Rate
Thu 3/10 8:30 AM EST – US Trade Balance (LOTN)
Thu 3/10 8:30 AM EST – CAD Trade Balance (LOTN)
Fri 3/11 7:00 AM EST – CAD Employment Change (LOTN)
Fri 3/11 8:30 AM EST – US Core Retail Sales (LOTN)
Well, there was an issue with the blog site that prevented me from having access. Not sure anyone did for that matter, as I don’t see any additional posts since I last looked. Anyway, appears to be back and running again. Tomorrow we have 2 really terrible trades to look forward to. Lets have a look….
8:30 AM EST
US Trade Balance – Difference in value between imported and exported goods and services
EUR/JPY
Rumor has it that Christopher Columbus tried this trade on the way across the pond and made 9 pips. History books confirm this but the total pips are in question. Since then no one has ever made money on it, myself included. I looked back as far as my notes go and cannot find a single time I made money. Lost a few times though. That makes trigger estimates tough. If you absolutely must do it, I would try 9 medium and 12 safe on the Oracle Trader, trading the minimum lots your broker will allow on a medium, and .1 more than that on a safe. Needless to say do not try the Straddle on this thing.
8:30 AM EST
CAD Trade Balance – Difference in value between imported and exported goods and services
EUR/CAD
See US Trade Balance above. The only difference between this and the US Trade Balance is that Christopher clicked out of this one before the OT got the data when he saw the spread balloon to 25 pips. The first mate that recommended this broker was forced to walk the plank. Otherwise, the commentary holds. Again, in the absence of any meaningful history, if you absolutely must try this, go with a safe of 3 on the OT and trade the minimum possible. No Straddle.
It is possible that one or both of these trades will start mattering again at some point, but it is senseless to give away hard earned money while waiting. I would rather see a nice spike or two in a row before starting to risk anything on this stuff.
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