Forex News Trading Strategy

Forex News Trading Strategy - I haven't traded the news before, but after finding this forex news trading strategy, I may reconsider. The strategy was posted by a guy called Ricky, under the handle of NWRK. Here's the new thread for this forex news trading strategy. Rick closed the original thread and started a site of his own forex news trader. I haven't used his payed service, so I can't comment on it, I'm just testing his forex news trading strategy.

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Here are the rules for this forex news trading strategy ( this is Rick's original post):

Forex News Trading Strategy

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Hello, I am new to this forum, but not to Forex. I would like to share a way of trading the news with a high rate of w/l trades. This strategy is for high volatile moves. No indicators are needed. No RSI, No MACD, no nothing! Just the pair you are interested in on a 1 minute time frame! Here is how it works! If this has been posted on this forum before, I am sorry, but I came up with this last year, and have been trading it sense.

Set-Up I trade the following news events: NFP, FOMC, Trade Balance, interest rate statements, consumer price index, and gross domestic products. These seam to move the best for this strategy.

The country, and pairs are usd, jpy, uk, BOC, E-12.
NOTE: the wicks, or shadows do not count!

UP-TREND
How it works! You have points (A), and (B). retrace then enter.
Point (A)=open of first candle.
point (B)=the close of the candle, before the fisrt down (bear) candle. If there is 3 candles up, then a pull back (bear) candle, the close of the 3rd candle is the (B) point!
NOTE:the first candle can have both (A) and (B) points!

Entry:UP-DATE ON ENTRY PLEASE READ The first candle to close above, or below, OR BREACH point (A), or (B) is where you enter the trade. If it closes , or breaches above point (B), then you go long. If it closes below, or breaches point (A), then you go short.
NOTE:After the retracement the candle must close, or breach above, or below point (A), or (B)! do not enter until then!

EXIT:The distance between point (A), and point (B), is the minimum target you should try for!

Stop:What ever point you get in at, the other point is your stop! if you get in at point (A), then point (B) is your stop. If you get in at point (B), then point (A) is your stop. Myself, if I get in a trade other then the NFP, and I see profit at any point, I do not let it go against me. I will try for the spread, or even!

Same thing for down trend. open of first candle is point (A), price goes down, then pulls back, at that point you have point (B). Price goes up. When a candle closes on the other side of (A), or below (B), then enter the trade that way with a target of the distance between (A), and (B)!

The other news releases don't always move the market the way the NFP DOES! My target for those is 75% of the distance from point (A), to point(B). If it only moves a little and you make say 10 pips, and you exit the trade...if price goes up and closes on the other side of the other point, then enter the trade that way also, with the same target!

It is that easy! I have lost 1 trade sense I have been trading this strategy. I hope it does for you, what it has done for me! Happy trading...

WARNING:ANY STRATEGY COMES WITH RISK THE RESULTS I HAVE HAD WITH THIS STRATEGY, MAY NOT BE YOUR RESULTS KEEP TO THE RULES, AND YOU (SHOULD) HAVE GOOD RESULTS!!!

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Regarding the entry, Rick suggested in a later post on the SB forum thread ( I posted the link above) that after considering a breach of the candle for entry, he got back to his original idea a close of the candle - After the retracement the candle must close above, or below point (A) or (B).

That's all.

IMPORTANT! PLEASE BOOKMARK THIS SITE BY PRESSING CTRL+D so you can come back often! Thank you.

Please visit SB forum thread to inform yourself about updates to the strategy, post questions, and share with other people that use this forex news trading strategy. Hope to see you there! Here's the link again: forex news trading strategy