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 email@example.com.
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 :
- 10:00am EST- US New Home Sales
- 10:30am EST– US Crude Oil Inventories
2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending up and but MACD was already negative from the previous candle. This cancelled out the signal and 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 up and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.5438 with a stop at the most recent swing high at 1.5460. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Short at 1.5438 Stop: 1.5460 Target: 1.5400
9:45am EST– My target wasn’t hit by this time and I knew that news was coming out at 10:00am EST. Since my rules state that I’m not supposed to be in the market during news, I went ahead and exited my trade, trying to capture as many pips as possible. I exited at 1.5420.
Trade Result: +18 (NOT INCLUDING SPREAD) R-Multiple: 0.81
News events to watch for tomorrow:
- 6:00am EST- UK U.K. CBI Distributive Trades
- 8:30am EST– US Durable Goods