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News Trading - Straddle 11 replies

Which Broker for News Straddle trading? 9 replies

Trading the news - straddle entries on GBPUSD 1 reply

Straddle technique for news announcement? 9 replies

Request: Reverse Straddle 1 reply

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Straddle trading EA

  • #421
  • Mar 8, 2013 6:26pm Mar 8, 2013 6:26pm
Quoting Alan111S
Wow, that's interesting scores. I wouldn't trade usdsek except for Swedish Interest Rates I'm surprised you didn't have a problem on USDJPY with the spike about 5 seconds before.

I would also be wary of trying to manage that many trades! I run 3 brokers so I'm looking at a Trade Manager (maybe Pecunia systems one) which allows you to group accounts and close out all the trades in a group.

If it was me I would stick to usdjpy or eurjpy. To be honest NFP normally doesn't move eurusd or gbpusd that much and the whipsaw danger is too high for...

So which non USD pairs move with the US NFP? And move I mean at least 40 pips?
  • #422
  • Mar 8, 2013 6:28pm Mar 8, 2013 6:28pm
Quoting angat
Thank you both of you...I see your point on the SL. I will use 50 next time and go for no TP as well. It does seem like price does move in that direction after the initial spike. I dont think Ill use TS but that BEpoint is useful.

It seems that we might want to stay away from the usdsek too.

Has anyone calculated an average move per report? I'm starting to compile mine, but it be good if others do theirs and then share notes.
angat please look at http://www.fasteconomicnews.com/news_signals_main.aspx

You can sign up there for Spike Trading Analysis emails where they give you a heads-up on good reports and what happened over the last few.

Why replicate when it's already available.

Alan
  • #423
  • Mar 8, 2013 6:29pm Mar 8, 2013 6:29pm
I am also working on something that can predict which way the move will be purely from TA standpoint. I'll let you know if it works out.
  • #424
  • Mar 8, 2013 6:30pm Mar 8, 2013 6:30pm
All

I normally leave TP=1000 because it helps me calculate slippage !! Add a cent or take a cent off and you've got the price you asked for and you can quickly compare to what you got......
  • #425
  • Mar 8, 2013 6:39pm Mar 8, 2013 6:39pm
Quoting Alan111S
All

I normally leave TP=1000 because it helps me calculate slippage !! Add a cent or take a cent off and you've got the price you asked for and you can quickly compare to what you got......
Okay thanks and thanks for the link. Even if I dont make alot of pips per month, as long as its still a profitable number month on month we shud be able to up the lottage...you been doing this for a while now...I wont ask you what you're on but are you on something alot more than when you start your live account initially?
  • #426
  • Mar 8, 2013 6:44pm Mar 8, 2013 6:44pm
All

I'm trying to find a way of closing trades without too many clicks or relying on Trailing Stops. I think I've lost about over 100 pips this week to using Trailing Stops

At the moment if you have Pending Orders and you close the chart or change timeframes the Pending Orders are deleted. If you change timeframes, new orders are placed again if its after SecBPO but before STWAN.

What do you guys think if I programmed the EA so if you have live trades for that symbol and you change timeframe, the live trades for that symbol are closed instantly. I'm keen on it because you wouldn't normally change timeframe during a trade and it would provide a one button close option, which is hard to do unless you start programming up scripts or dll's etc which I can't really do anyway. Also, if you wanted to look at a different timeframe, you can always open another chart window and then change timeframes.

Well, 2 buttons actually. You click the chart, then click another timeframe, order is closed. I can also make it a True/False config option like TimeFrameCloseTrades=True

I'm also not that keen on running a Trade Manager because it eats up screen realestate and machine resources.

What do you think?
  • #427
  • Mar 8, 2013 6:48pm Mar 8, 2013 6:48pm
Quoting Alan111S
All

I'm trying to find a way of closing trades without too many clicks or relying on Trailing Stops. I think I've lost about over 100 pips this week to using Trailing Stops

At the moment if you have Pending Orders and you close the chart or change timeframes the Pending Orders are deleted. If you change timeframes, new orders are placed again if its after SecBPO but before STWAN.

What do you guys think if I programmed the EA so if you have live trades for that symbol and you change timeframe, the live trades for that symbol are closed...
Could you implement a way to turn this option on and off in the input variables, then I'm all for it. A simple true/false setting?
  • #428
  • Mar 8, 2013 6:48pm Mar 8, 2013 6:48pm
Quoting angat
Okay thanks and thanks for the link. Even if I dont make alot of pips per month, as long as its still a profitable number month on month we shud be able to up the lottage...you been doing this for a while now...I wont ask you what you're on but are you on something alot more than when you start your live account initially?
angat

I won't say how much but I do know from talking to others that generally it is hard to get filled on Lots higher than 4 or 5 during News Events. But you are right - you can probe how good a broker is by using 0.1 lot sizes initially and then gradually increase, maybe 0.2 next time then 0.5 etc.

Alan
  • #429
  • Mar 8, 2013 6:51pm Mar 8, 2013 6:51pm
Quoting Alan111S
angat

I won't say how much but I do know from talking to others that generally it is hard to get filled on Lots higher than 4 or 5 during News Events. But you are right - you can probe how good a broker is by using 0.1 lot sizes initially and then gradually increase, maybe 0.2 next time then 0.5 etc.

Alan
Okay thank you, I'll just build up my confidence before going live first.
  • #430
  • Mar 9, 2013 7:54am Mar 9, 2013 7:54am
Hi Alan

Have been looking at my trades from NFP yesterday(see attached file) and have noticed some irregularities about the USDSEK pair, I would like to ask you about.

Do you notice how usdsek has opened and closed 6 trades? All losers as it happens, now I won't be using this pair again for obvious reasons but I was intriqued as to how come it opened and closed 6 times??? Considering I had OCO set to true surely after the first loss it should of cancelled the opposite trade and also after the first losing sell surely it shouldn't have taken another 2, should it???? Plus it also took another 3 buy orders.

It appears to be continuously placing orders which then get hit???

Interestingly no other pair seemed to suffer like this so maybe it will be solved by not using this pair again, but just thought I would highlight it to you as could be a bug that needs sorting????

What do you make of it???


By the way I intend to use multiple pairs in the future as you just don't know which one will react the most, so I am interested in how the EA works out the MM side of things?? I thought if I put 2% it would calculate 2% across my 5 pip stop?? That would of worked out at about 0.6 lots but it used 0.2??? So from my calculations it used about 0.66% risk per trade so my total risk was 8 X 0.66 = 5.28%. Not bad for a 35% return.

So to help me in the future how does it work out 2% risk? In reference to what?

Oh and lastly which broker appears to give best results eg a straight move one way or the other without too many reverse spikes before diving the right way?? I have attached several charts from yesterdays NFP from Vantagefx and as you can see most just go one way which is obviously great for this straddle strategy.

Thats the main reason I came up with the idea to trade all usd pairs as my back testing of NFP showed that most times Vantagefx just goes one way no reverse spike. I think thats why it worked so well yesterday as price just went one way taking my orders on board as it went.

Maybe it would be different on a live account, do you think???

Whats everyones elses take on best broker to use???

Many thanks again for your help.

Edit: Sorry for some reason charts didn't upload. If you want to see them I will try again later.
Attached Image (click to enlarge)
Click to Enlarge Name: nfp trades via amazingea.gif Size: 167 KB
Feel the Fear and do it anyway!!!
  • #431
  • Mar 9, 2013 2:32pm Mar 9, 2013 2:32pm
Just a quick idea on the way forward here to capture as many pips as possible from a reactive news announcement, I have a trade manager, written for me by a fellow trader, that trails by so many candles, which might work very well with news trading.

If I set it for say 3 candles then it would have allowed all the argy bargy whipsawing associated with news trading then just trailed the stop behind 3 candles until stopped out. Would of captured some really good profits from last NFP for sure. For instance about 104 pips from GBPUSD alone!! Also a good method if price turns back down quickly as will hit our stop before giving all profits back. Makes sense to me, how about you Alan?? Fancy giving that a go??

maybe you could incorporate this EA in the Amazing EA so as to capture maximium pips???

I think this would work really well with the vast majority of news releases capturing some really good pips.

Let me know what you think.
Feel the Fear and do it anyway!!!
  • #432
  • Mar 12, 2013 3:01am Mar 12, 2013 3:01am
Anyone trading UK news Manufacturing Production m/m at 9.30 today??
Feel the Fear and do it anyway!!!
  • #433
  • Mar 12, 2013 5:21am Mar 12, 2013 5:21am
Quoting clivepackham
Anyone trading UK news Manufacturing Production m/m at 9.30 today??
Hi Guys

Just had another amazing result trading GBP news at 9.30 today using this truly "Amazing" EA.

6 winners not one loser!!! Total winnings £1,556.98 or over 100% account growth. See attached.

This seems to be working very well for me, anyone else having good results???

Is it because I am on a Demo account?? Oh well only one way to find out I guess.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP news with Amazing EA..png Size: 43 KB
Feel the Fear and do it anyway!!!
  • #434
  • Mar 12, 2013 6:21am Mar 12, 2013 6:21am
Quoting clivepackham
Hi Alan

Have been looking at my trades from NFP yesterday(see attached file) and have noticed some irregularities about the USDSEK pair, I would like to ask you about.

Do you notice how usdsek has opened and closed 6 trades? All losers as it happens, now I won't be using this pair again for obvious reasons but I was intriqued as to how come it opened and closed 6 times??? Considering I had OCO set to true surely after the first loss it should of cancelled the opposite trade and also after the first losing sell surely it shouldn't have taken...
Clive

Re: USDSEK.....I think USDSEK is just too illiquid to hold a steady price especially during NFP.

Regarding multiple orders, the EA checks if it is in a trade - if not, it opens one. So, if a trade is accidentally triggered and hits stop loss before news time, it will open another. Not so much a bug but a feature The OCO only cancels the opposite trade in between the News Time and the STWAN time, because after STWAN, pending orders get deleted anyway. So, OCO does nothing before news time. The best situation is to only open trades a short time before the news. Which is also a problem opening many pairs because that takes time. Also, the EA attempts to track the price of all the pairs. And will be continually modifying prices which might flood your broker. Live may prove very different to demo so proceed with caution. The safe way to do this is to try 2 or 3 pairs on live then check the logfiles carefully to see if there were any errors. If you get things like 'Too many requests', you are flooding the broker etc. One solution is to use CTCBN=1 on a 1 minute chart or higher timeframe. This will widen your straddle but it will smooth out the price fluctuations. You are also much less likely to go live early.

The MM calculation is very crude and simply takes 2% of your available margin at the time. There is no accounting for Stop Loss placement or how many other trades are open or pending.

Regarding brokers and pairs - in my experience unless you have a tick chart, you won't be able to see reverse spikes. Sometimes there are reverse spikes but not every broker notices. It may be that their price feed has 'gapped' or been smoothed out too. So it is basically luck. On NFP on Friday there was a 10 pip spike about 5 seconds before, which cost me a few hundred dollars profit. You win some, you lose some. The big danger with most brokers is the dreaded 'slippage'. For example, last week I was slipped between 40 and 50 pips on a GBP trade. Because I trade multiple brokers though it didn't really matter, as the trade averaged out OK.

Why don't you have a look at http://www.fasteconomicnews.com/fore...th_charts.aspx to work out the history of each release and see down to 1 second charts.
  • #435
  • Mar 12, 2013 6:33am Mar 12, 2013 6:33am
Quoting clivepackham
Hi Guys

Just had another amazing result trading GBP news at 9.30 today using this truly "Amazing" EA.

6 winners not one loser!!! Total winnings £1,556.98 or over 100% account growth. See attached.

This seems to be working very well for me, anyone else having good results???

Is it because I am on a Demo account?? Oh well only one way to find out I guess.
Clive

Most of the time that report moves GBPUSD about 10 pips - which is not enough to tempt most news traders to even try it - I didn't myself. The recent bearishness in the pound however and the fact that Manuf Production fell into negative territory caused an extended sell-off. In fact you got the holy grail of news trading - what they call 'continuation' where you can keep your trade open after the initial spike and the pair continues to move in your favour. Notice how the initial move was 25 pips but you managed to bag another 20 or so on GBPUSD?

Alan
  • #436
  • Mar 12, 2013 6:47am Mar 12, 2013 6:47am
Quoting Alan111S
Clive

Most of the time that report moves GBPUSD about 10 pips - which is not enough to tempt most news traders to even try it - I didn't myself. The recent bearishness in the pound however and the fact that Manuf Production fell into negative territory caused an extended sell-off. In fact you got the holy grail of news trading - what they call 'continuation' where you can keep your trade open after the initial spike and the pair continues to move in your favour. Notice how the initial move was 25 pips but you managed to bag another 20 or so on...
Thanks Alan for your comments but I do seem to be having some awesome results with your EA. Surely the whole basis behind this EA is that we don't know what effect News announcements will have but with this EA we can have a go without much danger of getting damaged.

If its good great we take our money, if its bad great we take our money, if its nothing then no trades and all back to normal after 60 seconds.

Seems on the surface like a pretty low risk way to trade thanks to this EA.

But I am sure I have been lucky up to here and will soon get my bum bitten, just as soon as I use real money, I bet!!!!

Would love to know more about this EA are you free for a chat on skype sometime???

Thanks again for all your work.
Feel the Fear and do it anyway!!!
  • #437
  • Mar 12, 2013 3:15pm Mar 12, 2013 3:15pm
Quoting Alan111S
All

I'm trying to find a way of closing trades without too many clicks or relying on Trailing Stops. I think I've lost about over 100 pips this week to using Trailing Stops

At the moment if you have Pending Orders and you close the chart or change timeframes the Pending Orders are deleted. If you change timeframes, new orders are placed again if its after SecBPO but before STWAN.

What do you guys think if I programmed the EA so if you have live trades for that symbol and you change timeframe, the live trades for that symbol are...
Hi Alan

Just noticed this post and yes I think its a good idea, also could you devise a way to close all trades on all charts, eg so with my multi pairs it will close out all trades, regardless of which chart you are on??

Would be handy for me, thanks.

Oh by the way I have been chatting to my broker about going "live" with this EA and he has said there is obviously a difference between demo and real trading as they have to wait to get a fill from a liquidity provider and sometimes that will be 10 or 20 pips away eg "Slippage" he assures me its not deliberate but just how the market works, after all who wants to catch a falling knife?? As they say.

However to improve the filling of pending orders, at News releases, as used by your EA he can use specialist liquidity providers especially for news releases so hopefully giving us better fills. Don't know about you, but that sounds pretty good to me???

If anyone is interested in hearing more then he is more than happy to come to a skype group chat to explain further. Anyone interested in taking part in a group call?

Will hopefully be testing EA out on live account soon.
Feel the Fear and do it anyway!!!
  • #438
  • Mar 12, 2013 9:04pm Mar 12, 2013 9:04pm
Quoting clivepackham
Hi Alan

Just noticed this post and yes I think its a good idea, also could you devise a way to close all trades on all charts, eg so with my multi pairs it will close out all trades, regardless of which chart you are on??
Clive

I have attached a simple EA named CloseOrDeleteAll. When you want to close drop it on any chart and say OK and it will close every order and pending order with that broker.

I don't want to add this to AmazingEA as it could interfere with other EAs etc. The adavantage of the suggestion I had before is you can control which trades are closed when. The CloseOrDeleteAll is a bit of a blunt instrument if you know what I mean.

I wouldn't bother talking to brokers about news trading - you are likely to receive a lot of hot air in return. In fact, some would consider it giving them the 'heads up' on your activities. I once had one of my orders passed to what the broker termed a Secondary Liquidity Provider during an AUD Interest Rate Decision. Result? My buy trade was filled not only at the top of the spike but 25 pips higher than that (Yes, the price was 25 pips off the chart). Total Slippage about 60 pips. I had to make a quick decision on whether to hold onto this losing trade or cut my losses. As it started to retrace, I cut it - annoyingly, later the AUDUSD continued past my fill price and about 30 pips further up by the end of the day. I complained and as a once off the broker refunded me the difference between the chart price and the fill price - about 25 pips. I was still down but not as badly as before. Needless to say, I'm not trading with that broker any more.

I think if during news events , you are trading 0.5 lots and you get slipped a couple of pips, then that is acceptable. But 10-20 pips is probably not. Sometimes it isn't the brokers fault - if they have a lot of orders backed up, there may be a 2 second - 3 second delay which is enough to introduce slippage. But if it's generally OK, you might decide to continue trading with them. After a few trades, you will be able to tell which it is. By the way, the trade you did yesterday on GBP wouldn't have been subject to slippage, because it was a more gradual move.

Reading between the lines, I think your broker is trying to get you onto a different price feed where you don't 'eat up' the liquidity available to other non-news traders. Sorry to be sceptical, but I don't trust them as far as .......

Alan
Attached File(s)
File Type: mq4 CloseOrDeleteAll.mq4   1 KB | 366 downloads
  • #439
  • Mar 13, 2013 6:08am Mar 13, 2013 6:08am
Hi Everyone,

bit late but this seems the closest thing to a news trading tread.

I've got the EA downloaded (great work by the way) , my first quick Q though is does this auto adjust for brokers digits, so if I set 10 for pips away from price will it be 10 pips away or 1.

Or do I need a bit of trial and error ?

PG
  • #440
  • Mar 13, 2013 6:31am Mar 13, 2013 6:31am
Hi PG

Pointsaway=100 actually means 10 pips on a 5 digit broker - if you are using a 4 digit broker put 10 instead.

Alan
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