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  • #8,221
  • Jun 5, 2013 7:41am Jun 5, 2013 7:41am
Quoting whatfx
{quote} this is further worrying. surely you must have a criteria to enter a direction ? like in your london breakout , you wait for a 5 sec candle bar of a certain number of pips. if you are just guessing the direction on news trading, that is very dangerous. you are trading blindly and you could be guessing the wrong direction for days on end and losing 15 pips each time. it all piles up. also remember unless your stop is guaranteed (you pay 2-4 pips more on spread for this ) there could be slippage (happens often on news release) and you could...
We straddle simply because there is no way to predict which way price might go before the news release. If anybody really wants to choose one direction, you might as well flip a coin because the chance of getting on the right direction is as good as any other method.

The tricky thing here, is at what price point do we put in our limit orders and stop orders. Its a cat and mouse thing but I think we are more or less getting there after a couple of false starts.
  • #8,222
  • Jun 5, 2013 8:36am Jun 5, 2013 8:36am
Quoting whatfx
{quote} this is further worrying. surely you must have a criteria to enter a direction ? like in your london breakout , you wait for a 5 sec candle bar of a certain number of pips. if you are just guessing the direction on news trading, that is very dangerous. you are trading blindly and you could be guessing the wrong direction for days on end and losing 15 pips each time. it all piles up. also remember unless your stop is guaranteed (you pay 2-4 pips more on spread for this ) there could be slippage (happens often on news release) and you could...

I agree, but the NFP normally generates a straddle of 40-50 pips instantly. Even though it's blind, it's in your favor. If you take each NFP individually your chances are 15 SL/40 TP. A little better than black and red on the Russian roulette I must confess.
Invest in alarm clocks
  • #8,223
  • Jun 5, 2013 8:38am Jun 5, 2013 8:38am
For those who work with EAs news or Straddle, someone could indicate some?
Invest in creating their EAs, because one day you need one!
  • #8,224
  • Jun 5, 2013 8:51am Jun 5, 2013 8:51am
Quoting thiagocanuto
For those who work with EAs news or Straddle, someone could indicate some?
i use this one
Attached File(s)
File Type: ex4 News Trading.ex4   21 KB | 400 downloads
  • #8,225
  • Jun 5, 2013 9:06am Jun 5, 2013 9:06am
nasty whipsaw, i was testing my armada account again and got slipped 3 pips on my SL
  • #8,226
  • Jun 5, 2013 10:00am Jun 5, 2013 10:00am
Quoting Oveja9
{quote} i use this one {file}
I'm also using this EA, but no working for me. Every time that triggers the pending order, instead of opening the order, canceling it.
Invest in creating their EAs, because one day you need one!
  • #8,227
  • Jun 5, 2013 10:14am Jun 5, 2013 10:14am
Quoting thiagocanuto
For those who work with EAs news or Straddle, someone could indicate some?
Check out this thread
  • #8,228
  • Jun 5, 2013 11:22am Jun 5, 2013 11:22am
Next up, I'll be putting my bets for German Factory Orders (if I make it home on time) and Initial Jobless Claims.
  • #8,229
  • Jun 5, 2013 4:37pm Jun 5, 2013 4:37pm
Quoting TheMaxx
{quote} Check out this thread
Thank you TheMaxx

Are you using any EA this link?
Invest in creating their EAs, because one day you need one!
  • #8,230
  • Jun 5, 2013 4:40pm Jun 5, 2013 4:40pm
Quoting thiagocanuto
{quote} I'm also using this EA, but no working for me. Every time that triggers the pending order, instead of opening the order, canceling it.

works great for me , you just have to look at the settings.
if you need help send me pm
  • #8,231
  • Edited 9:11pm Jun 5, 2013 8:52pm | Edited 9:11pm
Quoting Oveja9
{quote} works great for me , you just have to look at the settings. if you need help send me pm
Ok Attached for pm, the parameters I am using. Thank you!
Invest in creating their EAs, because one day you need one!
  • #8,232
  • Jun 5, 2013 9:52pm Jun 5, 2013 9:52pm
Quoting TheMaxx
{quote} Check out this thread
I am using the same one.
  • #8,233
  • Jun 5, 2013 9:57pm Jun 5, 2013 9:57pm
Quoting Journeyman
{quote} We straddle simply because there is no way to predict which way price might go before the news release.
This isn't allowed in the USA on a single account. No hedge trades allowed per federal regulation. I have to pick a direction prior to the news.
  • #8,234
  • Jun 5, 2013 10:41pm Jun 5, 2013 10:41pm
Quoting mikeinaa
{quote} This isn't allowed in the USA on a single account. No hedge trades allowed per federal regulation. I have to pick a direction prior to the news.
Can not pending orders? For if trigger one of the orders, the other has to be canceled.
Invest in creating their EAs, because one day you need one!
  • #8,235
  • Jun 6, 2013 4:27am Jun 6, 2013 4:27am
Quoting Journeyman
{quote} We straddle simply because there is no way to predict which way price might go before the news release. If anybody really wants to choose one direction, you might as well flip a coin because the chance of getting on the right direction is as good as any other method. The tricky thing here, is at what price point do we put in our limit orders and stop orders. Its a cat and mouse thing but I think we are more or less getting there after a couple of false starts.

i cannot see any difference in this way of trading to how a newbie would trade the news. a newbie would guess and enter a trade blindly, on or before news release , albeit with a fixed stop. similar to what you guys are doing.

if your 15 pip stop gets hit (not counting the slippage that could occur), then your out. now, if this happens continuously for a good few days, you will find it difficult to get back on top. if slippage occurs past your stop you could be looking at a lot more than a 15 pip loss. months ago i had a slippage of 50 pips within 20 seconds !
as i understand the rules to be, you guess the direction to trade, enter a pending order 1 min before news release (how do you decide the level to enter at ?) and a fixed stop of 15 pips. no tp. is this correct ? if so, you may as well subscribe to live news feed where you may get details of the news outcome in advance.


or just stick to tonys original method of trading lo breakout. i make a minimum of 10 pips easily with this method whenever i trade it. !
  • #8,236
  • Jun 6, 2013 4:38am Jun 6, 2013 4:38am
Quoting thiagocanuto
{quote} Can not pending orders? For if trigger one of the orders, the other has to be canceled.
Yes, you can have two pending orders, one long and one short, if one is filled you have to quickly cancel the other. Because if you don't, and the your long order gets filled and prices quickly went against you, then your short order may get filled and net off against the long position that you got. Depending on how you look at it, this is one method to limit your losses or a very bad day.

There's no hedging allowed in US, the rationale remains a mystery to me.
  • #8,237
  • Jun 6, 2013 4:42am Jun 6, 2013 4:42am
Quoting mikeinaa
{quote} This isn't allowed in the USA on a single account. No hedge trades allowed per federal regulation. I have to pick a direction prior to the news.
Setting 2 pending orders and cancelling or the one that is not triggered is not hedging. Hedging is having two active position in opposite direction using the same account on the same currency. That would not be allowed in US. It is allowed in other countries however.
  • #8,238
  • Jun 6, 2013 5:12am Jun 6, 2013 5:12am
Result of German Factory Order that came out as negative 2.3% is bad, and I expected EURUSD to be bearish; but the market simply shrugged it off and remain pretty much in a tight range after the data was released. So I had to cancel both my pending order since the behaviour did not come out as expected.

Setting the pending order 10 pips above the Ask (Buyt) price, and 10 pips below the Bid (Sell) price turned out brilliantly, as it filtered out the false move when price plunged momentarily to 1.3107 just after 6 am ET (a 5 pip candle), but there was absolutely no follow through. So neither of my trade got triggered simply because the market reaction was a bit underwhelming.

It's one of those days I guess....
  • #8,239
  • Jun 6, 2013 5:17am Jun 6, 2013 5:17am
Quoting thiagocanuto
{quote} Thank you TheMaxx Are you using any EA this link?
I will eventually but I've been focusing on my own manual strategy at the moment. The EA is very flexible and is well supported in the thread. Plus the MLQ code is disclosed - I don't trust ex4 EAs.
  • #8,240
  • Jun 6, 2013 5:32am Jun 6, 2013 5:32am
Quoting Journeyman
{quote} Setting 2 pending orders and cancelling or the one that is not triggered is not hedging. Hedging is having two active position in opposite direction using the same account on the same currency. That would not be allowed in US. It is allowed in other countries however.
I am certainly no expert, but I've tried this on demo at a few brokers. You can not set two opposing pending orders on the same currency pair on the same account. It doesn't matter if they are an active position.

There are a couple of ways around it. You can have opposing orders on the same pair if you use subaccounts. Or you could choose another currency pair such as long on EURUSD and short on GBPUSD for a US based news.

I don't understand the rationale either, but it is the rule here.

so up or down on ... where is my favorite coin.
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