One of the most popular news trading strategy is - setting two pending order in either side of the market price just before the news relies. One is Stop Buy order 20-30 pipe above and another is Sop Sell order 20-30 pip below the market price. But it is very difficult to set two orders accurately and very closely (say 1 minute before) to the news release. To solve this problem I have written this Expert Scripts.
Here you can set News Time, Order Time, Order Price, Stop Loss, Profit Target, Order Cancel Time and Position close time and the script will open two pending orders according to these settings. You can set as much news time as you wish at a time (say all important news of the week).
I think it will be very helpful for news traders. Please download attached zip file, read NewsTrading.doc and try it in any MetaTrader demo platform(for example RealTrader Demo).
Thanks and regards
Naeem Hasan
Chittagong , Bangladesh
From experience i’ll tell you the problem of bracketing an order right before the news release… if it’s an important news release the currency usually gaps up or down… if you have a buy stop above the price, or a sell stop below it, you’ll get major slippage.
I tried this many times but the slippage was killing me. I now prefer to wait for the news, see how the currency reacts and trade accordingly.
Sorry for misunderstanding.
These figures are just for example.
You can update all settings as you like.
I am doing well.
Though some time it makes los with spike type movement but in the long run it is profitable. You can follow the steps like-
Read 3-4 economic calander and related topics in 3-4 forum to assume movement that can be made by the news.For example say you have a news that can move 40 Pips.
Set profit terget as 40 and stop loss as less than hulf of the movement, say 15
Expire time should be 1-2 minute, that will be needed to know actual news.
And position close time should be 30-60 minute depending uppon the weight of the news.
What will happen from this setting-
In worst case you can lose 15*2=30 Pips for both sided spike
In bad case you will lose 15 Pips for one sided spike
In no move case you will lose nothing.
In good case you can exit with some profit when position will be closed by the script
In best case you will get full movement i.e 40 Pips.
Now, depending uppon your ability to estimate probable movement from a news you can make profit. Advantages of this script is-
You can set your trading parameters much before the news
Pending order will be opend just before the news, say 1 minute
In case of no deviation in news you will lose nothing, if you open both sell and buy position before the news, as many trader do, you will lose spread in this case.
The script can trade on news without any human interuption, you can set parameters and then take rest or do something else, even sleep!!!