Forex Trading Strategy for MPC Meeting Minutes 04/21/10
We’ll be looking at the MPC Meeting Minutes today and since it is customary for BOE (Bank of England) not to release a statement along with its interest rate decision (2 weeks ago) if there was no change in both rate decision and APF (Asset Purchasing Facility, UK’s quantitative easing program), today will be the first time to actually get a glimpse into what actually took place during this meeting, here is the forecast:
4:30am NY Time UK MPC Meeting Minutes Forecast 0-0-9 Previous 0-0-9
ACTION: GBP/USD N/A
Once again, MPC or Monetary Policy Committee, from Bank of England (BOE) will be releasing their meeting minutes on the Rate Decision meeting along with the actual vote count over the rate decision and the Asset Purchasing Facility program. If you recall, MPC once again left both intereste rate and APF unchanged, and immediate market reaction turned strong for GBP as BOE is signaling for the withdrawal of the stimulus package…
We’ll have to pay more attention today and look for the vote count on both the rate decision and APF program. Should there are any dissenters in either vote, we could see market react to it immediately and we’ll analyze the vote and possibly jump into a trade. Of course if we see anything short of unanimous vote on the APF issue, expect GBP to be soft; on the other hand, if we don’t get unanimous vote on the Official Bank Rate, then we might see some strength in the Sterling (as there might be members leaning towards hiking rates).
We’ll wait for the release and then see how the market reacts afterwards. The focus will be on the actual vote count and if we do have dissenting votes, then market could move in a steady manner for the next few hours, giving us plenty of opportunity to cash in on the movement, therefore spike trading is really not necessary.
Hi Henry,
I have been on your mailing list for a little while now and I really appreciate your insights. I can tell you have a lot of experience when it comes to this market.
I am a software engineer by trade and so when I first became interested in forex, all my efforts were devoted to writing code that could trade automatically for me. I didn’t want to be involved at all. Naturally, this software would use only technical analysis.
However, in watching some of your videos and reading your analyses, I definitely see the need to factor in news. However, I still do not want to be involved in the trading myself.
So, here is what I am wondering: Would you be interested in creating an Expert Advisor that simply copies the trades you make? For example, when you determine a good trade, you enter it into your master system. Then all of your subscribers EAs connect to that system (be it a webserver, or whatever) and mimic that trade.
I understand this is a very lazy mans approach. I also understand you would rather “teach a man to fish” than just give him a fish. However, this model would have a very broad appeal to lazy men like me. It would also have a lot of income potential for you.
If you do make such a system, I would be your first customer. On the other hand, if you want a software engineer to help you build it, I would be happy to help.
I look forward to hearing from you! Please email me! [email protected]
thanks,
Xerxes
Xerxes:
I think there is already a software like this floating around. If I am going to manage trades, I could do that with Multi-terminal MT4 platform and this software will be obsolete. So I am not really convinced that this would be a good software for me. But thanks for the proposal.
Hi Henry,
I have been on your mailing list for a little while now and I really appreciate your insights. I can tell you have a lot of experience when it comes to this market.
I am a software engineer by trade and so when I first became interested in forex, all my efforts were devoted to writing code that could trade automatically for me. I didn’t want to be involved at all. Naturally, this software would use only technical analysis.
However, in watching some of your videos and reading your analyses, I definitely see the need to factor in news. However, I still do not want to be involved in the trading myself.
So, here is what I am wondering: Would you be interested in creating an Expert Advisor that simply copies the trades you make? For example, when you determine a good trade, you enter it into your master system. Then all of your subscribers EAs connect to that system (be it a webserver, or whatever) and mimic that trade.
I understand this is a very lazy mans approach. I also understand you would rather “teach a man to fish” than just give him a fish. However, this model would have a very broad appeal to lazy men like me. It would also have a lot of income potential for you.
If you do make such a system, I would be your first customer. On the other hand, if you want a software engineer to help you build it, I would be happy to help.
I look forward to hearing from you! Please email me! [email protected]
thanks,
Xerxes
Xerxes:
I think there is already a software like this floating around. If I am going to manage trades, I could do that with Multi-terminal MT4 platform and this software will be obsolete. So I am not really convinced that this would be a good software for me. But thanks for the proposal.
Hi Henry,
Can you reply to my email sent 3 days ago about the “3 session, 2 day rule”? (see below)
You state that you answer email inquiries within 24 hrs and it’s disappointing that this doesn’t seem to be the case.
Regards
Gavin Hurlimann
Hi Henry,
Just bought your E-Book but there doesn’t appear to be anything in it about the “3 session, 2 day rule” you refer to in some of videos. Can you briefly describe what this is & how I can apply it to my trading?
Looking forward to your words of wisdom.
Kind regards
Gavin Hurlimann
Answered via email. Gavin
Hi Henry,
Can you reply to my email sent 3 days ago about the “3 session, 2 day rule”? (see below)
You state that you answer email inquiries within 24 hrs and it’s disappointing that this doesn’t seem to be the case.
Regards
Gavin Hurlimann
Hi Henry,
Just bought your E-Book but there doesn’t appear to be anything in it about the “3 session, 2 day rule” you refer to in some of videos. Can you briefly describe what this is & how I can apply it to my trading?
Looking forward to your words of wisdom.
Kind regards
Gavin Hurlimann
Answered via email. Gavin