Whew....

[TA Jedi]

I don't know what happened in the US stock market about 20 minutes ago but all my stops triggered. And I just set them last night on a whim. Saved myself about $10,000. Anybody have a clue why the bottom dropped out so suddenly in just a few minutes?

 

[Trader333]

You need to make yourself aware of when economic news announcements are due. There were two of these at 7.15pm GMT for interest rates and discount rate. The market wanted a greater cut than the Fed gave and as such the market dropped 200 points pretty quickly


Paul

 

[TA Jedi]

Ahhh... I knew the interest rate news were due today. Trading was way slow all day long. I assumed everyone was waiting for it. Then the rate cut came and I thought it was good news. But apparently, even good news can be bad if it is not as good as what was expected. Duly noted. Thanks. By the way, all my positions closed and I'm sitting on a pile of cash. Do you think it's a good idea to re-enter my positions today while they are now a relative bargain or am I trying to catch a falling knife?

 

[jkplay]

am I trying to catch a falling knife?

We are all trying to catch a falling knife! Or riding down the knife until it stops falling

I would sit on your hands

JK

 

[TA Jedi]

Alrighty then, my day of watching the ticker is over. I just calculated my total loss for all the positions I had. After transaction costs, I am down $8. Under the circumstances, I'll call it a good day - lol. We'll see how things shape up tomorrow.

 

[jkplay]

The market priced in this cut and went a bit further on the optimism of a potential 50 basis point cut. I think things will even themselves out but expect a choppy ride until early next year - not normal amounts or liquidity around - a real punters market.

The TA boy's should have some fun though

JK

 

[TA Jedi]

When you say early next year, do you mean January or April?

 

[jkplay]

When you say early next year, do you mean January or April?

14.35 on the 17th of Jan :cheesy:

Don't speculate mate

 

[TA Jedi]

Is that the time of the next announcement?

 

[TA Jedi]

I really need to get on the ball with these economic news announcements. I've been a fundamental buy-and-hold investor for 10 years and only recently started actively trading. I never really cared about interest rate changes other occasionally stumbling accross them shortly before or after the fact. Can anyone recommend a good online source that keeps track of when all the announcements are made? I want to incorporae these things into my trading decisions.

 

[shadowninja]

Erm... Sharky is probably scowling at you as we speak. Click that button "Calendar" above...

 

[shadowninja]

We are all trying to catch a falling knife! Or riding down the knife until it stops falling

I hope you have leather pants otherwise you're going to be sore.

 

[jkplay]

I hope you have leather pants otherwise you're going to be sore.

Yeh it hurts when the knife suddenly changes direction, the greater your momentum the greater the pain

 

[Trader333]

All economic news announcements can be found here:

Calendar

You can then customise which of the events you have listed. For example, I have all the yellow ones removed because they are low impact.


Paul

 

[TA Jedi]

Yeh it hurts when the knife suddenly changes direction, the greater your momentum the greater the pain

Switch from an EMA to SMA to smooth out the edge a little. It will still hurt but you won't feel it as much.:cheesy:

 

[TA Jedi]

Thanks for the calendar link guys.

 

[grantx]

TA,

Economic Calendar for Forex Trading System in Ireland, Currency trading by TodayFX

Grant.

 

[shadowninja]

Curiously, this site and FF think different announcements are high!

 

[Jack o'Clubs]

TA Jedi - you need to find this guy, and sharpish

 

[shadowninja]

Surely, you meant to write:

This guy, you need to find sharpish, mmmMMM!