Hey all, good tool for trading on news fluctuations. Simple steps to follow: Step 1: set news time and name/comment for you (use terminal time - Market watch) Step 2: set lot size, distance in Pips for upcoming Buy/Sell stop orders (above/below the current price). You will see 2 lines (blue and red) on X distance from the price 1 minute before the time you set. Lines will move up and down and strictly follow the price on distance Pips Step 3: 5 sec before news time you get 2 stop orders. Step 4: You may set cancellation time is seconds. By default its 60 sec. In 60 seconds both stop orders will be removed. If you get a BUY or SELL order - it will cancel other stop order. Original source: https://eliteit4u.com/nea.htm Files are attached.
Price adjusts within 50 milliseconds of news… I don’t think a blunt tool will help you unless you have a model of over/underreaction.
Such strategy looks great in backtesting. Not in real life. Slippage is extremely high and due to that same reason, quite difficult to put a figure on the risk if price reverses.
Yes, but if you try it out - you will see that it works. If we are talking about about 150 Pips move in a second - sure, slipperage will make entry point worse, but you will still get some Pips, right? But as I see, there is no such huge moves like I saw in 2013-2015 for example... nowadays even big news make less fluctuations (IMHO). I used almost the same idea in the past, but I had to move stop orders manually before news time etc... now it works clearly good, maybe not ideal due some reasons... but as practice show - there is no ideal tool for FX trading. It's always challenge
It seems like you did not download & evaluate this advisor. You should evaluate it. Then report the results in this forum.
I don't wanna argue, but if you try it on any upcoming news - you will see that it doesn't failed as you explain. I'm used such tactic in the past - not ideal, but it works. Anyway, thanks for your thoughts. Appriciated.
there are probably hundreds of newbie OPs who have already requested people to download the expert advisers. that's fine. but the problem is that the OPs don't bother to evaluate it. don't bother to publish the evaluation results. This OP should go through other similar threads about the experts. Then think about how he can add value / do a better job than other OPs.