I've just started looking at a similar strategy, except I noticed the market usually stays ranged on non-news days. Currently I'm only looking at GBPUSD. I have a couple of different levels to fade.
1. I set the base price at open at 18:00 EST (no particular reason)
2. Fade a move of 38 pips from base price
3. If market continues to move against me another 43 pips, I fade again and set the first position to BE and the second to close at my second order price.
4. SL on both 100 pips from entry price
Total loss possible = 100 (first position) + 57 (second position)
Just thought you'd like to see if days before news helped your strategy
1. I set the base price at open at 18:00 EST (no particular reason)
2. Fade a move of 38 pips from base price
3. If market continues to move against me another 43 pips, I fade again and set the first position to BE and the second to close at my second order price.
4. SL on both 100 pips from entry price
Total loss possible = 100 (first position) + 57 (second position)
Just thought you'd like to see if days before news helped your strategy