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 until 4am EST. A trend change candle completed at 4am EST and changed the trend from up to down (see video for more explanation). After 4am EST, the trend stayed down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.
News events to watch for today :
1:15am 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 1.5896 with a stop at the most recent swing low at 1.5871. Since I was only 4 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my initial target at 1.5921.
Entry: Long at 1.5896 Stop: 1.5871 Target: 1.5921
2:30am EST- Unfortunately I was stopped out of my trade.
4:00am EST– The trend has now changed from up to DOWN. At this point I am only looking for short trades.
9:15am 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 1.5869 with a stop at the most recent swing high at 1.5922. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5850.
Entry: Short at 1.5869 Stop: 1.5922 Target: 1.5850
10:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5852.
Trade Result: -25 +17= -8 Pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.32
News events to watch for Friday:
- 4:30am EST– UK Manufacturing Production , Industrial Production
- 8:30am EST– US Unemployment Rate , Non Farm Payrolls , Hourly Earnings