What else to do to AVOID this?

FXX

Experienced member
1,264 258
Do yourself a favour and start charting on tradingview.com where you can overlap economic data releases and events on the chart. The moves you will see will all be pinned off some event. The only thing missing is political events but you will see enough evidence to understand that what you are trying to do is never going to work

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FXX

Experienced member
1,264 258
Here is tradingview.com

You see those blue eu flags at the bottom of the chart. That's economic data affecting the euro around the time you went short

178cda777efc14d7989b231c1764f696.jpg


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YourFriend

Junior member
37 0
FXX On USDNOK I don't see any such EU Flags. I only see USA flag for date 21th June. Four relevant events but major disadvantage is that it doesn't show impact level. FXX I need to thank you very much for your information - this seems like it is (at least partially) the answer I was looking for and where I found the failure(s).

The problem is that when it comes to currency pairs (i am interested for other instruments too), i was checking only economic calendar related to left side of currency pair and related on right side. Example: ABCDEF

ABC = left side
DEF = right side

This is to protect myself that result of event wouldn't go against my opened position. So I wanted to protect myself in advance and refrain myself from opening such position if high impact event (left or right side of symbol) is announced in the near future (e.g. first three business days) of opening position.

Now I partially know what else could i do to AVOID (as title of forum thread says) all the time being in current loss on opened position, wasting weeks and months to come to at least zero plus additional profit to cover negative Swap. The answer, according to your reply, may be to figure out if any high impact event (again: the website you provided doesn't seem to show impact level - big problem!) is related to any other trading asset (symbol) and not only what is on the left side and what is on the right side.

Example (random one): GBPJPY. Asking myself, which other high impact events should be searched along GBP ones and JPY ones. But I already know the following two facts (using said example):

Good news for GBP: uptrend is expected on GBPJPY
Bad news for GBP: downtrend is expected on GBPJPY
Good news for JPY: downtrend is expected on GBPJPY
Bad news for JPY: uptrend is expected on GBPJPY

I had also learnt that same situation could be on other charts containing same part of symbol on same side (either left or right). Example: What is happening on GBPJPY can be assumed to happen on GBPCAD, GBPUSD, GBPMXN, etc too. And what is happening on GBPJPY can be assumed to happen on USDJPY, EURJPY, CADJPY, HRKJPY, etc too.

But what I know NOTHING about is exactly what you said FXX: figuring out to what other currencies (along left and right side) could be particular symbol OR/AND left side of symbol (high impact news) OR/AND right side of symbol related to. Currently I have zero understanding how can you build relationship between USDNOK symbol and AUD currency. But surely this will be my next lecture to research and get new knowledge.

This surely isn't everything what else to do (yet to learn) to avoid current losses but I appreciate your answer and at least I have some plan what to learn next.Thank you again.
 

YourFriend

Junior member
37 0
Here is tradingview.com

FXX I tried to do a trade with including what you suggested: to look for high impact events that are directly related to currency of both sides of currency pair. Example: lets say I have some random currency ABCDEF (no real pair of course, its example only). So as you said, first task is to find out which, if any, currency (its economic events) is related to ABC and which, if any, is related to DEF. Once I know this, I look up high impact events for this related currency (the one related to ABC currency and/or DEF currency). This is mandatory work along analyzing events for both currencies ABC and DEF. Finding relationship between both currencies (ABC, DEF) to third related currency is what I need to do. At least I understood you so. This is what you were saying.

But not even this works. Proof is in attachment.
 

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FXX

Experienced member
1,264 258
FXX I tried to do a trade with including what you suggested: to look for high impact events that are directly related to currency of both sides of currency pair. Example: lets say I have some random currency ABCDEF (no real pair of course, its example only). So as you said, first task is to find out which, if any, currency (its economic events) is related to ABC and which, if any, is related to DEF. Once I know this, I look up high impact events for this related currency (the one related to ABC currency and/or DEF currency). This is mandatory work along analyzing events for both currencies ABC and DEF. Finding relationship between both currencies (ABC, DEF) to third related currency is what I need to do. At least I understood you so. This is what you were saying.

But not even this works. Proof is in attachment.

its not just about looking at each side of a currency pair and correlating that with events. It is about looking at the fundamentals and aligning that with data releases so that you can pair the strongest with the weakest. only after doing this will you know which pair to trade. here is a chart showing how data affects the direction of any currency pair.
 

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Hoggums

Senior member
2,176 878
There's too much focus here on entry and no consideration for exit whatsoever. you won't make money until you address both.
 

YourFriend

Junior member
37 0
its not just about looking at each side of a currency pair and correlating that with events. It is about looking at the fundamentals and aligning that with data releases so that you can pair the strongest with the weakest. only after doing this will you know which pair to trade. here is a chart showing how data affects the direction of any currency pair.

Are you having some kind of paid subscription plan on TradingView? There are 3 paid plans.

I wonder so, why? Because one or maximum two flags within circle which is always located at the bottom right corner of the chart. But its true that same flag contains multiple events. No matter which symbol i look at and I never have flags anywhere else but only at the right bottom corner. In order to get more quality features as you do, I probably need to pay for most expensive plan which is Premium that cost breath-taking 39.95 usd per month :eek: :cry:

But on EURAUD in my previous message, the problem has nothing to do with TradingView analysis (e.g. not considering the data there) because retracement should had happened but it didn't, even if next resistance was very near. I believe this could be a scam by broker - they moved the price to the opposite direction comparing to my taken position just to make me loss.

I will need to contact the broker and clearly tell them that trend has to go where I open position. No other job (income for salary) for me and I have no time to waste anymore on waiting for current loss to come to zero plus minimum profit to cover negative swap fees. I need to pay some bills too.
 
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FXX

Experienced member
1,264 258
Are you having some kind of paid subscription plan on TradingView? There are 3 paid plans.

I wonder so, why? Because one or maximum two flags within circle which is always located at the bottom right corner of the chart. But its true that same flag contains multiple events. No matter which symbol i look at and I never have flags anywhere else but only at the right bottom corner. In order to get more quality features as you do, I probably need to pay for most expensive plan which is Premium that cost breath-taking 39.95 usd per month :eek: :cry:

But on EURAUD in my previous message, the problem has nothing to do with TradingView analysis (e.g. not considering the data there) because retracement should had happened but it didn't, even if next resistance was very near. I believe this could be a scam by broker - they moved the price to the opposite direction comparing to my taken position just to make me loss.

I will need to contact the broker and clearly tell them that trend has to go where I open position. No other job (income for salary) for me and I have no time to waste anymore on waiting for current loss to come to zero plus minimum profit to cover negative swap fees. I need to pay some bills too.


nope using free version - go to settings (chart properties - cog wheel), select events and alerts, then uncheck show only future events
 

mpups

Experienced member
1,024 143
.. I believe this could be a scam by broker - they moved the price to the opposite direction comparing to my taken position just to make me loss.I will need to contact the broker and clearly tell them that trend has to go where I open position...

good thinking batman, best of luck with that (y)
 

pigbear

Member
56 3
There's too much focus here on entry and no consideration for exit whatsoever. you won't make money until you address both.

From what I read there is no focus at all but the thread is entertaining. Lets be honest some of us have done all his mistakes and more.:LOL:
 

MotifSky

Junior member
14 0
Start by understanding why price is behaving and only when that reason aligns with the setup you are seeing do you take the trade
 
 
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