My first thoughts were, just straddle it with 25-30 TP on each side and play to the probable wipsaw, but, the quote below from an email my broker sent out is practacly SCREAMING straddle it and we're GONNA slip you.
<quote>
Basically, plan on the spreads widening and if you are trading with a Buy or a Sell Stop entry order, do not anticipate being filled at your entry price. You will be filled at the prevailing market price after the release, and this market price could be significantly different from your desired price of your entry order.
I would like to thank you for your continued support and wish you success in your trading.
Best Regards,
Todd B. Crosland
Chairman and President
Interbank FX
<end quote>
I guess it officially time to find a new broker for news trades, I do appriciate their up front approach instead of the usual "you shouda read the fine print"
In the mean time I'm setting a 25-30 pip sell stop incase the European market wants to price in the current estimate and going to bed for a few hours. Come time, I think I'll just trade the fade on this one.
Good Luck To All
JP
<quote>
Basically, plan on the spreads widening and if you are trading with a Buy or a Sell Stop entry order, do not anticipate being filled at your entry price. You will be filled at the prevailing market price after the release, and this market price could be significantly different from your desired price of your entry order.
I would like to thank you for your continued support and wish you success in your trading.
Best Regards,
Todd B. Crosland
Chairman and President
Interbank FX
<end quote>
I guess it officially time to find a new broker for news trades, I do appriciate their up front approach instead of the usual "you shouda read the fine print"
In the mean time I'm setting a 25-30 pip sell stop incase the European market wants to price in the current estimate and going to bed for a few hours. Come time, I think I'll just trade the fade on this one.
Good Luck To All
JP
Watching the charts like Spock.