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Friday’s live trading – Charlie smashes Non Farm Payrolls…

Charlie has a very good NFP today plus also has an important message…

Hi, this is Charlie giving you Friday’s live trading. I hope you’re very well.
You may have noticed over the last couple of weeks a slightly different kind of email that’s been coming out to you. Please bear with us, we’ve got a new marketing company looking at our website and writing a lot of our emails.
We’re just trying to get the context right with them, obviously it’s not been quite right. We’re trying to get a happy medium. They’re trying to get a certain message across. They’ve done lots of interviews with Kym and I to get certain information out of us, then they go away and write a load of emails.
Please bear with us, we know it’s not our style, but at the same time, they’re trying to get certain key messages across in the language that they’re using. We will get there and get a happy medium in the style that we have coming across to you.
Obviously they’re promoting the upcoming webinar, that’s going to be on the 23rd of April.
What we’ve done with the challenge webinar, we’ve split it into two. So out existing members will be coming on the 22nd of April. So if you’re an existing day-trading member or you’re an MBT person, you’ll be coming on the 22nd because we don’t need to do a lot of the information with you guys.
If you are a non-member then you’ll be attending on the 23rd. T members get all of the information first.
It is Good Friday and it is also nonfarm payrolls, so I’m not going to be doing anything here this morning, I’m going to press pause and come back to this at lunchtime. If anything dramatic happens this morning, I might trade it but otherwise there’s not enough going on. I’ll keep an eye on it but it’s likely that I’ll be trading at 1:30pm.
Okay, just back. We can see that we’ve got some movement already. I’m actually going to have a look at this EUR-USD.
I’m early, we’ve had a bit of a spike there and we’ve also got some elements coming through which are into resistance, but nevertheless I’m debating whether to put a trade on this. Let me press pause for a second.
Okay, so I’m going to give it a go here. I’ll put three units in and I’m going to keep the stop really tight here down here at 109 area.
It’s gone long here, I’m going to look to see if we can get it back up into the 10920 zone. So I’m going to quickly get my stops in place at 10901, so it’s only a ten-pip stop.
What I will do, if this doesn’t move up ahead of the news, I will have to come out because I could suffer a lot of slippage.
So we are just on 1pm at the moment. I’ve got a stop at 10901, I’ve got field 11.5, 11.9 and 12. So this price needs to go up to just over 10920. If it doesn’t then I will have to exit ahead of the news.
I’ll press pause for now and see what happens.
So we’re holding up a little bit at the moment. Like I said, I’m looking for the price to come up to this open and close price here, then I’ll take a few off.
Whatever happens, I will close this position in its entirety ahead of the news because there’d be big slippage if we were to come back down the other way. If we can get up to this level here then we’ll take two of the units off and then we’ll see if we can get a little bit more out of the other one and just trade it up if that’s the case.
I’ll just press pause while it’s waiting but it hasn’t got too far to go…
Okay, so as we can see, it’s come down a little bit. It went up a little bit a few minutes ago, but now it’s coming down.
It’s 1:10pm now, so we’re ahead of the news. The risk is only ten pips on this trade, so we’ll wait for the nonfarm payrolls.
It looks like I’m going to get stopped here. My stops are below 02, so if we go below 02 then I’ll get stopped. I was in at 11.9, so it’s literally ten pips that it’ll cost me. I’m down £169 currently, so it will be just a bit more than that if it comes down to take me out.
So I’ll press pause while we’re waiting to see what’s going to happen here.
Okay, so it did get close down there but it’s just bouncing again now, so we’ll see… If it does come up here then I will be looking to exit ahead of the news.
Obviously, if the Euro just carried on going then that’s just one of those things. I can’t do much about it staying in during the news. I’ll just look for new positions after the news. That’ll be the plan.
So we’ll see if we can get to this open and close price here. If we do then I’ll start loosening up.
Just as I start talking, it comes back down again. I’ll press pause.
Okay, so what I’m going to do is move my stops up. We’ve got 15 minutes to go, so I’m going to move my stop up to 04 now, which is where it was earlier, so I’m just really tightening it up now.
It’s either going to go up to that level or it’s not, so I’ll move my stops up now, so I only have a seven or eight pip stop.
Okay, so I’ve got my stops at 04 now, so this has to go now basically. I could even move them up a bit more aggressively because this should want to follow through. If it doesn’t follow through then I don’t want to be in it.
I’m going to trail that stop to 06. I’m not going to be in the trade ahead of the news anyway, so we’re just really tightening up now that the price has come up. It needs to go up fairly quickly, if it’s not going to then we have to cut the risk.
I’m still looking for this to come up to the open and close level, so it’s just a case of seeing if we can indeed do that. We’re nearly there, so we’ll be taking some of these off in a second.
Just to let you know, I’m in our trading room this afternoon as well so all the guys in the trading room are watching this live as I’m recording.
Are we going to get there?
I’ll have to press pause, I’m taking up too much time here…
I just pressed resume then because it looked like it was blipping up and the market’s moving quite quick so these will move quick.
It’s not worth trying to take off at the moment, got to try and get up to this level, but I want to be out of these positions ahead of the news. I’ve only got ten minutes to go, so I’m giving it a few minutes and then we’re going to have to close out.
I’ll press pause.
Okay, look at how quickly it’s just now reversed, it’s playing around a bit. Remember, my stop’s at 06 so if it goes below 06 then all of these will disappear. So it’ll be a six pip stop out on these three units, so it will cost me about £80, then we’ll move on to the news and see how we go.
Ten minutes until the news, I’ll press pause.
Okay, so I have just been stopped on that. It was a six pip stop out. I was in at 11 and got closed out there at 12.
It was actually £134 that cost me. I’m in some other positions t the moment so I’m not going to be able to show you the entire trade but I can take a screenshot of that position because I need to show you that.
It’s probably going to go higher anyway but it’s not worth the gamble being in the position during the news. Once we’re moving then I’ll trade but the risk was always that if I held on and left a slightly wider stop then we’d get some huge slippage and it would be too bigger risk to take.
So I’ll press pause for now.
Okay, so the Euro has dropped to 01 now so even though I trailed my stops up, I would have got stopped out by now anyway.
I’m actually going to be looking to trade the GBP-USD on the news potentially. I’ll be watching everything and the markets are starting to move a little bit here.
There’s just a bit of Greece news out at the moment, Greece is denying the IMF technical team has left Athens. We’re going to see what’s going to happen here very shortly. I’ll press pause for now.
Okay, so it looks like we’ve got 20 seconds to go. My spreads are going very wide, ultra wide, so there won’t be anything I can do for a while as the spreads go crazy, then we’re going to see which way this market is going to go. If it goes up then I will be trying to buy it.
Up we go, I’m buying long if I can get in…
I’m long, I’m buying the Pound.
So I’m long the Pound, I’m up a lot of money here so far. I’ve got three units in having a great run. I’ll put more units in if I can. The Pound’s having a good run so far, I don’t even know what level I got in at.
I got in at 84, 06 and 00, we’re at 16 or so now. I’ve got lots of juggling to do at the moment, while we’re watching these I’m doing other orders. I’ll just press pause.
Okay, so I’m going in with some more. I’m trying to get long again here. There’s another unit in on the long side.
The nonfarm payroll figures came out very poor so I’ve just got another long unit in there, and now we’re just playing a waiting game.
For now there’s not too much more to do, just see if we can carry on breaking higher.
The trade’s running okay but there’s still some more to do, so I’ll press pause for now.
Okay, so we’re just doing another pullback so I’m going to get my final unit in. I’ve got my stops down at 14840 and hopefully we can hold and then have another run a bit later.
I’ve given it a wide berth on the stops placement and now just a case of seeing if we’re going to get that follow through. We’ve already had a good run and I could have very comfortably taken profits. We hit the daily R2 pivot up here, but I’ve opted not to bank profits and I’ve opted to go for a bigger run.
So we’ll see how we go, I’ll press pause again.
I’ve just banked one of my units off of my Cable trade, I was in at 47, so I’ve just banked 17 pips there. Holding on to the rest of this, we’re up £1200. I’ve also got short the Dow futures which is running as well.
We’ve got a bit of a run going at the moment but it’s just a case of seeing if we can break out. I’ve just banked that one position just to pay for the trade a little bit, if it was to roll over against me it will help a little bit against that. Not a lot, but a bit.
That’s where I am currently,  I’m going to press pause. For now, I have to go into town and meet my wife…
We’ll see if this can carry on running.
Okay, so just back. I am going to head out so I might as well make this recording a wrap and get all of this done.
As it currently stands, we’re £1200 up on that £500 up on the Dow futures and a £134 loss. So potentially it’s a good day, but you never know where you’re going to end up.
I’m going to get this recording finished and out to you, so enjoy the rest of your Easter weekends and we’ll be back in touch next week.

Friday’s live trading – Charlie smashes Non Farm Payrolls… from EzeeTrader on Vimeo.

6 Comments

  1. Al-Reply
    April 3, 2015 at 10:16 pm

    Hi Charlie,

    Another great vid. Just wondering why you chose to trade Cable as opposed to EUR/USD for NFPs. Also, did the fact that the NFP figure missed by such a large amount have an affect on how many trades you entered or were these purely down to the price action and the levels you were looking at? Just one more question, you mentioned you were in a Dow trade. I currently trade the DAX but was wondering is there any particular reason you would trade Dow over other indices?

    Thanks a million,
    Al.

    • Charlie Burton-Reply
      April 4, 2015 at 9:43 am

      Hi Al,

      It didn’t really matter but there were multiple touches of around 1.4850 zone so I knew if that broke there would be a decent amount of clear air above plus there’s some action on the daily and weekly charts that I liked.

      I had a suspicion the figures were going to miss based on the heads up we had on Wednesday’s ADP numbers but wasn’t expecting that much. But anyway, the analysis had in fact all been done the day before so I knew that if the NFP did miss then I would need to put multiple trades on. It was the same with the Dow with all the analysis going back to daily and weekly charts too so I just needed to see price break down as my confirmation. Obviously I could have been wrong but that’s just part of trading too.
      With regards to the Dow, I could have traded that or the S&P but with commissions it works out slightly cheaper for me to trade the Dow when trading futures contracts. The DAX is much more expensive to trade in the futures market – its $25 per contract as opposed to the Dow being $5 so the U.S. indices are a preference to me when trading futures.

      Hope that helps

      Charlie

  2. terry loker-Reply
    April 4, 2015 at 3:41 pm

    Hi Charlie

    Do you always hedge the major economic releases ?

    Regards

    Terry

    • Charlie Burton-Reply
      April 5, 2015 at 10:18 am

      Hi terry. No not always but as I had that position on the night before I thought it wise to hedge it as before the announcement price was around the levels I had originally put the long in so I hedged it

  3. Karl-Reply
    April 7, 2015 at 11:28 am

    Hi Charlie,

    Nice trading yet again!!

    I was watching the eur/usd at that time, I kind of stuck with eur/usd as my main pair, do you have a main currency pair you use and if so why? And if not which pairs do you find best to trade during the UK session?

    Thanks,
    Karl

    • Charlie Burton-Reply
      April 7, 2015 at 11:59 am

      I only trade 3 or 4 pairs and of those 80% of trading is on euro and cable….

      Cheers

      Charlie

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