I’ve thought of this strategy where you move you SL on your open positions when the big news breaks are about to come.
I usually open trades only when i have space until the last high or low price level for 20, 25, 30 pips (max) for my SL and i thought of moving the SL 30-40 pips away so i can let the price manifest itself if the news comes out more extreme, in case the price will make a slingshot effect in the direction i aim on going.
Now, i do realise the opposite effect can be devastating for my account but there have been a lot of circumstances where i was stopped out during a news-out only for the price to get back in my way after that. I haven’t crunched the numbers to see what results this strategy will make me in the long run yet but i wanted to ask you guys what do you think of it or if you actually tried this a couple’ times.
I was thinking about moving a certain number of points but to get it below/over a close psychological level could be another option. Price may not get over these levels but they could get past it and move back in the same hour of the news break.
Don’t do 00s lols~
They are zones, not specific price like your S/R and they are just odds enhancer.
Strong Swings Highs/Lows + 1 + Spreads is the best.
If news break or algos can kick you out, means your levels for entry and SL ain’t strong.
TA are always stronger than fundamental and algos are build from TA. You should not get kicked out whenever they come in the play.
Yeah it will work a couple of times but It can’t be used as a core principle of your strategy, maybe just improvement. I was trying to play with trailing stops in my Hotforex account but it didn’t yield significant results alike of working on TP as well. Guess you need stress on market prediction, interpreting news (if you are fundamental) or find one more stable pattern you can work on. Good luck
I guess this is still okay as long as your moving your stop loss is already factored in when you calculate your position size. After all, you can check forex calendars for major reports ahead. Otherwise you’ll have trades with bigger losses than your initial computations. Just my two cents
Moving the stop loss is always dangerous for your trade, even if you save your trade once or twice like that. Not every time you are going to be that lucky.
