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  • #10,601
  • Mar 5, 2014 3:49am Mar 5, 2014 3:49am
Okay, the EA placed pendings on only one of the two pairs that it was attached to, problem 1.

Problem 2, it placed the pendings, way after news, is it intended to do that?

Problem 3, it looks like the pendings are placed far beyond the point of price at the time of the news event, is it intended to be like this?

Thanks

H
  • #10,602
  • Mar 5, 2014 8:55am Mar 5, 2014 8:55am
i am going to try CAD news release
  • #10,603
  • Mar 5, 2014 9:07am Mar 5, 2014 9:07am
Stop at 0SL, According to FF Source released data 3 minutes earlier than scheduled
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 48 KB
  • #10,604
  • Mar 5, 2014 9:07am Mar 5, 2014 9:07am
Quoting Forex Loser
i am going to try CAD news release
had a 25+ spike increase on news release not bad but still sticking long.
  • #10,605
  • Mar 5, 2014 9:08am Mar 5, 2014 9:08am
update Stop loss hit while posting chart
  • #10,606
  • Mar 5, 2014 9:15am Mar 5, 2014 9:15am
Managed to pull back 10 pips on CAD news, despite the ups and downs...
  • #10,607
  • Mar 5, 2014 9:16am Mar 5, 2014 9:16am
But, I did also manage to exit about 15 pips to early

But it was nice to get a win for a change...

H
  • #10,608
  • Mar 5, 2014 9:18am Mar 5, 2014 9:18am
Quoting HannesJoub
Managed to pull back 10 pips on CAD news, despite the ups and downs...
Some people have all the luck...SL taken out @14 pips...Lousy week for me so far
  • #10,609
  • Mar 5, 2014 9:19am Mar 5, 2014 9:19am
I put a but and sell order exactly at 2:59:59 GMT through my EA, sell was deleted, but the buy was closed in loss exactly one second after it was placed 3:00:00 . The pair did not even touch the price at that time, so I got sucked by the broker. My broker is IC-Markets, I thought because its ECN execution would be good. Anyone can recommend a good broker for news trading?
  • #10,610
  • Mar 5, 2014 9:20am Mar 5, 2014 9:20am
Quoting Wigglesworth
{quote} Some people have all the luck...SL taken out @14 pips...Lousy week for me so far
Law of averages, the market can only say no so many times before she succumbs to my charms

Talk about luck, see my trade explorer below, I was sitting at 35% loss, this down now to 29%, so still at a loss. I dunno if I would call that luck

H
  • #10,611
  • Mar 5, 2014 9:22am Mar 5, 2014 9:22am
Quoting dotnetfreak
I put a but and sell order exactly at 2:59:59 GMT through my EA, sell was deleted, but the buy was closed in loss exactly one second after it was placed 3:00:00 . The pair did not even touch the price at that time, so I got sucked by the broker. My broker is IC-Markets, I thought because its ECN execution would be good. Anyone can recommend a good broker for news trading?
Hi Dotnet, could you perhaps provide a "manual" for your EA describing the fields, their uses etc?

Perhaps you should have placed the trades earlier? Not sure if that would have any positive effect, probably not.

Thanks

H
  • #10,612
  • Mar 5, 2014 9:27am Mar 5, 2014 9:27am
The market was shorting CAD, I joined in. If this was a rate cut it would have been a small fortune. I forgot to put my stop loss to break even. I think this is very important. I ended up with a small loss.
  • #10,613
  • Mar 5, 2014 10:41am Mar 5, 2014 10:41am
Quoting dotnetfreak
I put a but and sell order exactly at 2:59:59 GMT through my EA, sell was deleted, but the buy was closed in loss exactly one second after it was placed 3:00:00 . The pair did not even touch the price at that time, so I got sucked by the broker. My broker is IC-Markets, I thought because its ECN execution would be good. Anyone can recommend a good broker for news trading?
Oanda, infact Tony him self use this..
  • #10,614
  • Mar 5, 2014 12:10pm Mar 5, 2014 12:10pm
To people using an EA i don't think that's the ideal choice for this type of trading, stick to manual as it's all about adapting and using discretion if you can't handle that then maybe this method may not be for you. An EA requires very consistent workflow and a quantitative analyzation.
  • #10,615
  • Mar 5, 2014 12:30pm Mar 5, 2014 12:30pm
Quoting nitecop
To people using an EA i don't think that's the ideal choice for this type of trading, stick to manual as it's all about adapting and using discretion if you can't handle that then maybe this method may not be for you. An EA requires very consistent workflow and a quantitative analyzation.
I'd have to agree with that. Trading the news is trading in it's simplest and most user friendly form. You don't even have to worry about having open positions for days or months at a time. You also know exactly when you need to be in front of your computer.
  • #10,616
  • Mar 5, 2014 12:41pm Mar 5, 2014 12:41pm
Hi Nitecop, FX, I agree with you 100%

However, what gets me, personally, is not knowing what direction price will be going...Take the AUD news tomorrow morning for example. I plan on trading EurAud, and the strategy as it stands calls for Long of that position. I suppose we have a 50% chance of that happening, however, as a trader, I am looking for ways to increase my probability of being correct and minimising my losses.

To date, price action has failed, candles and their patterns have failed, S&D or S&R are not consistent. So it looks like it comes down to MM and a healthy R:R ratio? However, I am not sure if I could only trade 8 or 9 events in a month...

Advice anyone?

H
  • #10,617
  • Edited 2:50pm Mar 5, 2014 2:20pm | Edited 2:50pm
Quoting HannesJoub
Hi Nitecop, FX, I agree with you 100% However, what gets me, personally, is not knowing what direction price will be going...Take the AUD news tomorrow morning for example. I plan on trading EurAud, and the strategy as it stands calls for Long of that position. I suppose we have a 50% chance of that happening, however, as a trader, I am looking for ways to increase my probability of being correct and minimising my losses. To date, price action has failed, candles and their patterns have failed, S&D or S&R are not consistent. So it looks like it...
Ah, Grasshoppa! You have made some great observations... You are correct, price action, support and resistance, pattern formations and the like are all speculation. Unfortunately, they only have about a 50% success rate and terrible R/R ratios but traders get sucked into them like a moth to a flame. At least, with high impact news we have higher R/R ratios.

Usually, the market makes a decision before the news is released. Personally, I like to go in that direction and I like to enter a trade 20-60 minutes before the news is released. This has many benefits.

If you are going with the momentum of the market before the news is released you can also trail your stop, but just be careful not to get too close. This also has many benefits. When the news is finally released you should move your stop to break even as soon as possible just like Tony advises.

This is basically my entry strategy but my exit strategy is another story.
  • #10,618
  • Mar 5, 2014 2:41pm Mar 5, 2014 2:41pm
Quoting HannesJoub
Hi Nitecop, FX, I agree with you 100% However, what gets me, personally, is not knowing what direction price will be going...Take the AUD news tomorrow morning for example. I plan on trading EurAud, and the strategy as it stands calls for Long of that position. I suppose we have a 50% chance of that happening, however, as a trader, I am looking for ways to increase my probability of being correct and minimising my losses. To date, price action has failed, candles and their patterns have failed, S&D or S&R are not consistent. So it looks like it...
I only trade 3-4 news events a month, it's tough because I used to over trade and do about 10 trades a day now trying to stay at 3-4 a month is verry hard for me...
  • #10,619
  • Mar 5, 2014 2:50pm Mar 5, 2014 2:50pm
Quoting dvanderlinde
{quote} I only trade 3-4 news events a month, it's tough because I used to over trade and do about 10 trades a day now trying to stay at 3-4 a month is verry hard for me...
There are probably more than 3-4 important news events per month.
  • #10,620
  • Mar 5, 2014 3:01pm Mar 5, 2014 3:01pm
Quoting HannesJoub
Hi Nitecop, FX, I agree with you 100% However, what gets me, personally, is not knowing what direction price will be going...Take the AUD news tomorrow morning for example. I plan on trading EurAud, and the strategy as it stands calls for Long of that position. I suppose we have a 50% chance of that happening, however, as a trader, I am looking for ways to increase my probability of being correct and minimising my losses. To date, price action has failed, candles and their patterns have failed, S&D or S&R are not consistent. So it looks like it...

Get used to losing and be okay with it, the moment you are, you will find your account jumping. If your still uneasy then it means you are risking too much, also it is advisable to reduce risk while you are still learning and attempting to gain confidence. This strategy will fail if you fear; this strategy isn't about high win rates, it's about being profitable in end with proven high RR ratio but you have to survive the bad times and make it through the end of the tunnel. I never know when I win but I always assume I will lose this time and I still go in with my 2% position. If you'd like to try more trades perhaps you should risk even less.
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