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 until 7am EST. From 3am – 7am EST a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Official Reserves
- 8:15am EST- US ADP Employment
- 10:00am EST- US ISM Non-Manufacutring Composite
- 10:30am EST– US DOE U.S. Crude Oil Inventories
12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and 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 1.5064 with a stop at the most recent swing low at 1.5030. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Long at 1.5064 Stop: 1.5030 Target: 1.5100
11:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.5100 and set my next target for 1.5150.
11:30am EST– Unfortunately I got stopped out at my initial target at 1.5100.
Trade Result: +36 pips (NOT INCLUDING SPREAD) R-Multiple: 1.05
News events to watch for Thursday:
- 7:00am EST- UK Bank of England Interest Rate Decision