great idea this one, i was actually about to get started. On something similar. Some of my thoughts to help or add , as have spent a fair bit of time analysing this as a system. To fully automate would be an idea. Ie the start of he week, you review the major releases , only preset the entries for the big releases. , smaller news is pointless in the long run.
Im not sure if anyone has discovered good raw data on historical and average pip move and time for each release. I found a programme called news trader pro but they are dodgy. Never sent me a license so don't subscribe. But if anyone knows of a source of solid historic data , would be very grateful . As I think this is key.
Eg this would allow you to get more accurate with stop losses and targets.
I also think that you should have three potential entry types:
1. One directional trade , entered one minute before news release, with target and stop , and trailing ? This is for when it is quite obvious which way the release is going to go.
2. Hedge , same as above opened just before , release.
Im not sure if anyone has discovered good raw data on historical and average pip move and time for each release. I found a programme called news trader pro but they are dodgy. Never sent me a license so don't subscribe. But if anyone knows of a source of solid historic data , would be very grateful . As I think this is key.
Eg this would allow you to get more accurate with stop losses and targets.
I also think that you should have three potential entry types:
1. One directional trade , entered one minute before news release, with target and stop , and trailing ? This is for when it is quite obvious which way the release is going to go.
2. Hedge , same as above opened just before , release.