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 was up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CIPS Construction PMI
- 8:30am EST– US Core PCE Price Index
- 10:00am EST– US Pending Home Sales
1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.5880 with a stop at the most recent swing low at 1.5861. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5900.
Entry: Long at 1.5880 Stop: 1.5861 Target: 1.5900
2:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.5900 and set my next target for 1.5950.
3:00am EST– Unfortunately I got stopped out at 1.5900.
8:30am EST– There was a valid signal here but because it was a news candle I did not enter.
10:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.5955 with a stop at the most recent swing low at 1.5889. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6000.
Entry: Long at 1.5955 Stop: 1.5889 Target: 1.6000
12:00pm EST– Unfortunately my trade wasn’t hit by this time. Since market volatility usually drops at this point, I went ahead and cut my losses by exiting my trade. I exited at 1.5939.
Trade Result: +20 -16= +4 Pips (NOT INCLUDING SPREAD) R-Multiple: 1.05; -0.24