News Trading With Expart Script | Forex Factory

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News Trading With Expart Script

  • #1
  • First Post: Feb 20, 2008 1:24am Feb 20, 2008 1:24am
One of the most popular news trading strategy is - setting two pending order in either side of the market price just before the news relies. One is Stop Buy order 20-30 pipe above and another is Sop Sell order 20-30 pip below the market price. But it is very difficult to set two orders accurately and very closely (say 1 minute before) to the news release. To solve this problem I have written this Expert Scripts.

Here you can set News Time, Order Time, Order Price, Stop Loss, Profit Target, Order Cancel Time and Position close time and the script will open two pending orders according to these settings. You can set as much news time as you wish at a time (say all important news of the week).

I think it will be very helpful for news traders. Please download attached zip file, read NewsTrading.doc and try it in any MetaTrader demo platform(for example FXOpen Demo).


Thanks and regards
Naeem Hasan
Chittagong , Bangladesh
Attached File(s)
File Type: zip NewsTrading.zip   14 KB | 476 downloads
  • #2
  • Feb 20, 2008 9:36am Feb 20, 2008 9:36am
Thank you very much.

However, this type of trading has been posted here for several years. In fact, there are many EAs and scripts that do this.

The problem is:
-Broker spread widening before news (82 pip spread on GBPUSD on IBFX last week)

-Quick spikes up and down right before news may get you into an order prematurely.

-Broker slipping your stop order and you get filled at very top or very bottom of spike.

This type of trading is VERY VERY RISKY.

However, thank you for sharing your work.
  • #3
  • Feb 20, 2008 10:46pm Feb 20, 2008 10:46pm
Thank you for your interest about my work

I know those facts very well(because i am a victime also)

But wen you open pending order before news(2-3 minute) then that will be more safe than taking position manually at the news time. Also in my script you can set as many news as you wish at a time, so you can set all important news of a week and let the script run for the week. The script will manage all trading without casting your time and tension. Some of them may cause loss but some other will make up that losses.

Howerver, I have found this system profitable and hence invite others to use it.
  • #4
  • Feb 24, 2008 4:25am Feb 24, 2008 4:25am
Hi nhasan,

Its good to see that you have started a new concept of trading. Currently I am using MT4 with a demo account. I would like to try out yours also.

I see you are from Bangladesh. Are you trading live? If so, who is your introducing broker.

Nabil
  • #5
  • Feb 24, 2008 8:17am Feb 24, 2008 8:17am
Quoting FrankTheTank

82 pip spread on GBPUSD on IBFX last week
WHAT??? You sure about this?
  • #6
  • Feb 25, 2008 9:28pm Feb 25, 2008 9:28pm
Quoting nhuda
Hi nhasan,

Its good to see that you have started a new concept of trading. Currently I am using MT4 with a demo account. I would like to try out yours also.

I see you are from Bangladesh. Are you trading live? If so, who is your introducing broker.

Nabil
Yes, I am from Bangladesh. Where are you from, it sems to me from your name that you are also from Bangladesh, is it?
Yes I have traded Live for two times, but unfortunately both of those accounts blow out within 2 weeks, thats why i am trying to find out a consistancely profitable automated trading system.
What about you, how long are you trading forex?
  • #7
  • Feb 25, 2008 10:21pm Feb 25, 2008 10:21pm
I am from Bangladesh and I'm quite new in forex(about 6 months). Who was your broker?

What type of news would you trade with your system? Any suggestions would help me to understand your news trading system.

Thanks.
  • #8
  • Feb 26, 2008 2:19am Feb 26, 2008 2:19am
Quoting nhuda
I am from Bangladesh and I'm quite new in forex(about 6 months). Who was your broker?

What type of news would you trade with your system? Any suggestions would help me to understand your news trading system.

Thanks.
Check out the calendar on FF. Look out for RED reports. Although there's more to it than that, you'll learn the nuances soon.

All I can say is, good luck with spike trading!
  • #9
  • Feb 26, 2008 3:32am Feb 26, 2008 3:32am
Quoting nhuda
I am from Bangladesh and I'm quite new in forex(about 6 months). Who was your broker?

What type of news would you trade with your system? Any suggestions would help me to understand your news trading system.

Thanks.
I am pleased to know that Bangladeshi people are interested in Forex! Where do you live in, Bangladesh or abroad?

It may takes time to be familear with news trading because we have 2-3 important news per week. See Calander page of this web site. Follow all red marked news. If there is a remarkable deviation in news than forcasted, that makes sudden change in price of currency pair of that country. For example if USA short term interest rate down by 0.25% with a forcast of no change in interest rate, that can move EURUSD more than 200 pips up within 10-12 hour. So, if you can set an order just before the news release, that can give you some remarkable profit. That's why my script is designed.

If you have further question, can mail me directly at [email protected]
  • #10
  • Feb 26, 2008 4:06am Feb 26, 2008 4:06am
Quoting forexmoments
Check out the calendar on FF. Look out for RED reports. Although there's more to it than that, you'll learn the nuances soon.

All I can say is, good luck with spike trading!
Thanks forexmoments.

I have seen news (especially red ones) put heavy impact on major pairs but as mentioned earlier in this thread it may be very risky at times. I know its sort of like a 'fluke' but I'll give it a try [I'm on demo].

I haven't found any proven strategy that's 100% accurate so I'm trying to find out if there are any in FF that may interest me. Any suggestion will be highly appreciated.

Regards.
  • #11
  • Last Post: Feb 26, 2008 7:18am Feb 26, 2008 7:18am
This technique is practically dead now. Spreads will kill almost all your trades. Whipsaws will finish of whatever is left of them. You must learn how to trade the news using news retracements, if you must trade the news.

I have a thread on this forum on "News Retracement Straddle technique and ea". Search for it and read up.

all the best
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