Forex Trading 101: AUD/USD News-Based Trade
March 2, 2015
Last update: July 2021
Coach Matt trades the News-Based trade on the AUD/USD during the Australian Dollar interest rate decision which keeps rates at 2.25%, expectation was 2.00%. Check out his live analysis during the event.
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Great video Matt! Man that’s exciting when it pops. I finally practiced enough with paper and now making some money on these NB events. Good advice on taking some profit, then looking for the first retracement, because I’m never sure when to get out…but that helps a lot! Thanks!
live analysis kicks ass! awesome to see!
Hi Matt,
I’m want to ensure I understand the steps in this trade.
Did you place an order to buy above resistance at around 0.7779 and at the same to sell below support at 0.7766?
And where was your stop loss placed, and when did you place it?
And where was the order filled?
thanks
liz
I place a buy stop above resistance with a 15 pip stop loss typically and a sell stop under support with a 15 pip stop loss. The fill will be within 5 pips of entry order depending on speed of movement and pip spread.
I place the trade 1 min before the event.
I ended up making two trades on the event. Took profit after the first ten min and re-did the trade on the first retracement after about 20 min.
my dinner tasted very good after this trade
@kenniyu I went to sleep right after this trade, dreaming of freedom.
@matt Awesome analysis. How come you don’t just take the profit within a minute or two on a volatile trade like this and just jump back in after it retraced. I took the trade off about 5 or 10 Pip off of the high (saw the profit and reacted). Got back in, but I didn’t let it retrace enough. After the fact, I noticed that it retraced into a 31.8% pullback and rested on my 20 EMA. Would you be able to do a video on applying technical analysis with forex. I botched my Fib and measured the wicks of the candles which prevented my second trade from being as profitable as it could have been (wanted to knock my head in a wall for that).
thanks Matt.