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 :
- 5:30am EST- UK Retail Sales Ex Gas
- 8:30am EST– US Initial Jobless Claims
1:00am 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 1.4891 with a stop at the most recent swing high at 1.4910. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.
Entry: Short at 1.4891 Stop: 1.4910 Target: 1.4850
3:30am EST– Unfortunately I was stopped out of my trade.
8:00am 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. Even if it was a valid signal I still wouldn’t have entered because it was right before the 8:30am EST news.
Trade Result: -19 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for Friday:
- 8:30am EST– US Gross Domestic Product
- 9:55am EST- US U. of Michigan Confidence