The CFTC may be changing the rules for retail traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.
I can not find better words to describe my position on all this than those from Andrei Pehar, Chief Currency Strategist at fxKnight.com.
Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.
We at BabyPips.com disagree with the CFTC proposal.
If you disagree as well, you may submit your comments to firstname.lastname@example.org.
Include “Regulation of Retail Forex” in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message. Please, help us to spread the word!
I think this is a very important matter that affects us all, and we should try our hardest to ensure that things will be done for the best of the trading community.
The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Purchasing Manager Index Construction
- 8:15am EST- US ADP Employment Change
- 10:00am EST- US ISM Non-Manufacutring Composite
12:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.5124 with a stop at the most recent swing high at 1.5146. Since I was 24 pips away from th nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5124 Stop: 1.5146 Target: 1.5100
1:45am EST– Unfortunately I got stopped out of my trade.
3:45am EST– There was a valid signal here but because it was close to a news event I did not enter.
7:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.5145 with a stop at the most recent swing high at 1.5172. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5145 Stop: 1.5172 Target: 1.5100
8:00am EST– My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I went ahead and closed out my trade. I exited at 1.5112.
Trade Result: -22 +33= +11 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 1.22
News events to watch for Thursday:
- 4:30am EST– UK Purchasing Manager Index Services
- 8:30am EST- US Non-Farm Productivity
- 9:30am EST– US Fed Chairman Ben Bernanke Speaks in Chicago; Illinois