2 Limit orders before news release

hi all...

i just have a question to some of the more experience news traders:

Before the news release I normally put in two limit orders (buy and sell) aprox. 5 PIP+ Spread from the current price (~5 min before news release) with a 15 PIP stop loss and 45 PIP take proft. I had great success with that system and made 10% profit within 2 weeks of trading. But the last two news releases were different. The price moved considerably before news release so my limit sell order got hit and then soon after my buy order. This lead to the cancellation of my trades because the S/L of the trade was bigger thant the 5 PIPs + spread for the other limit order.

I am sure that this is the way to go but I have to fine tune this ...
so, may I ask some more experienced news traders how they do it ? Do you put in two limit orders as well ?? Where do you put you S/L ??

Any replay would be highly appreciated ...
Thanks and kindest regards from Australia
Thomas

Hello

"my limit sell order got hit and then soon after my buy order"
You have to use EA or SCRIPT that can modify your orders before the news to avoid that, & have OCO function.... you can use BK script. (Search @ FF)

about limit orders... it depended about you broker that you use...

If you use broker that allow 5pips straddle so thats cool..
Straddle: 5
SL: 5 (if broker don't widen the spread)
TP: Depended on the news that you trade.

But be aware that Straddle is dangerous without you don't know what's going on... u should have news service to know if the news is strong or weak or number is the same as Perv. , so u can avoid bad trades.

Let me know if you have any other questions.

Careful with this though...I've seen the spread go to over 20 pips before some releases with a few different brokers. Study this method carefully.