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The NY Session

This document provides tips for trading the New York forex session including checking the economic calendar, planning to trade on days with important reports, understanding that currency movements may not match report implications, using pivot points, trading when actual reports differ from expectations, and watching price action after reports are released.

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petefader
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501 views7 pages

The NY Session

This document provides tips for trading the New York forex session including checking the economic calendar, planning to trade on days with important reports, understanding that currency movements may not match report implications, using pivot points, trading when actual reports differ from expectations, and watching price action after reports are released.

Uploaded by

petefader
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1 on 1:
The New York Session
2005-6 W. R. Booker II & Maxwell Fox. All rights reserved forever and ever. And ever.
This ebook is part of a comprehensive program to train you to successfully trade currency. Alas,
youll probably lose money. We all do at first. Robs not liable if, based upon the nformation you
read here, you lose money, make money, turn into a woodchuck, possum, or other furry creature.
You have to work hard, study a lot, and dedicate yourself mentally. Dont ever give up

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The New York Session


Most movement between 8:15 and 10:00am EST
Qamars Pastries may contain nuts and/or beef
Like activity? Trade on days with big news.

Hi, my name is Don Henley, formerly of the Eagles, and


then formerly of bad easy listening songs. I endorse trading
the New York session.

How I plan for the week/month of New York


trading:
1. Check econ calendar.
http://biz.yahoo.com/c/e.html
http://www.forexfactory.com/
http://www.forbes.com/finance/eventcalendar/
FullEconomicEvents.jhtml
2. Plan to be available to trade news on days
with these events/reports:
Fed Chairman Speaking on Policy/Econ Strength
Retail Sales
Consumer Price Index (ex Food & Energy)

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GDP-Advance
Housing Data
Trade Balance
Non Farm Payroll
TICs Data (Treasury International Capital)

3. Remember that just because a report is


positive for the USD, it does not mean
that the USD will strengthen.

Hey! Would somebody wake up the New York Market?!

4. I use pivot points (GMT -5) to help me find


stopping points in fast moving markets.
Jean plots a monkey and organ grinder
instead.
5. Trade when actual econ numbers are
different from consensus numbers, or when
the charts tell you that there is significant
activity after a report (25-30 pips in 15 min
is good). If the report is a dud, dont forget

that you have planned trades for a cross


(CADJPY) pair that can move regardless of
NY session econ reports.
a) Fed Chairman Speaking on Policy/Econ Strength:
If Bens beard is slightly disheveled or unevenly
combed, expect the USD to move 100 pips downward.
Or, watch CNBC and see what Steve Leisman has to
say about his comments. Or, watch the charts for a
reaction to his comments and follow the market.
b) Retail Sales: If the actual number released is more
than .5% different than the consensus, expect a 50-75
pip move.
c) Consumer Price Index (ex-Food & Energy): If the
actual number is different by 1% than the consensus
number, expect a move of 50-100 pips.
d) GDP-Advance: If the number is more than 1.5%
different than the expected number you can expect a
move of 75-100 pips. This is for the ADVANCE report
only!
e) Housing Data: Existing home sales (difference of
2M) and new home sales (I dont know the difference)
are really influential right now. For the New Home
Sales, I watch to see what Rick Santelli on CNBC says.
f) Trade Balance: If the actual number is different by
7B or more, thats enough to move the market 50-150
pips. If the number dips below 50B, or goes above
70B, its generally going to move the market no matter
what.

g) Non Farm Payroll: This is one of the biggest reports


out at all. Look for the difference to be 100,000 jobs.
It will create a move of 100-150 pips. Biggest NFP
moves are 250-300 pips and are not necessarily tied to
the how different the actual number was from the
consesnsus.
h) TICs Data (Treasury International Capital): This is
likely to become the most influential report over the
next 12 months. There is no consensus number, only
a comparison with last months number AND a
comparison with the trade balance number from the
same reporting month. TICs numbers that are far off
last months number, or below 50B, or above 100B, are
blockbusters. Watch for the market to move 50-200
pips on any TICs day. This report takes a while to sink
into the market.

6. How to watch the charts after a report:


Wait 15 minutes. In the example below,
the pair makes a post-report high. It had
already made a pre-report (overnight) low.
If the price then moves beyond either
number (the high or the low) then you
know the market has picked an initial
direction.

7. If you are not getting a lot of activity in the


market, then get up and fix yourself
breakfast. The market will move.
8. Move your stop to break even at 20-30
pips. Remember that any currency pair can
move 50 pips in 1 direction and then
reverse and go a long, long way in the
opposite direction.
9. Expect that there will be a lull in activity
between 11am and 12:30pm.

10. On a day with a big move after the news,


watch for a move between 12:30pm and
3:00pm EST. This move will continue the
dominant trend that was chosen earlier in the
day.

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