Although I trade the Technical analyses too but I use News time to ADD to my profit.
You can always make profit from the news if you are not greedy type.
Before the news or 2 to 3 minutes to the news, open your platform PREFERABLE MT4.
Set both Buy and Sell stop order, with 10 pips away from the market price.
Your stop loss should be between 10 to15 pips this will depend on your account size, while your take profit, Should be between 15 to 30 pips.
Immediately one of the orders is taken cancel the second order.
Between 2 to 3 minutes, if the order is not taken please close both order� It means the news is not moving.
I want to stress that most of US News move well with usd/jpy and due to whipsaw 7 trades out of 10 is sure to make profits.
Please, try it on demo before live account� As you trade the system, you improve yourself on it.
Well, i want to believe that brokers with meta-trader [MT4] platform are the best for this system.
Currently am using fxcast.com
Please try it on demo… love to see you making profit.
MT4 Expert that does exactly as described above by ADEKUNLE (see Attachment)
Explanation EA:
Pipsaway - how many pips abowe and/or below the current price the orders will be placed
TP - Target Profit, you enter the amount of pips, when your order gets into profit this amount of pips, it will be automatically closed
SL - Stop Loss amount in pips
NDay - News Day
NHour - News Hour
NMin - News Minute
These three parameters (day, hour and min) are your broker’s date and time
CTCBN - Numbers Candles to check Before News For determining High & Lows , when it is 1 it check 2 candles the current candle and the 1 last one; This parameter was used in version 1.7 do automatically determine the amount of pip for a SL (stop loss), it’s not used in version 1.8 (hmmmm, i guess it should be removed then )
SecBPO - Seconds Before News Which EA Will Place Pending Orders; well this is not going to happen at the exact second you specified, coz EA code is executed only when a tic signal comes from your broker, but around the news price movements are frequent so you will probably not notice the difference
SecBMO - Seconds Before News Which EA Will Stop Modifying Orders; Now, once your order are placed, the EA will follow the price movement and modify orders accordingly so that they are always exactly “Pipsaway” pips away from the current price. With some volatile news this can be quite often, so if that creates a problem with your broker you can set this to half of the value you put for SecBPO, if you put this to be equal as SecBPO than EA will not modifie the orders at all
STWAN - Seconds To Wait After News to Delete Pending Orders; this is the timer to cancel all the order that did not get triggered
OCO - One Cancel The Other, true or false, will cancel the other pending order if one of them is hit; if this is set to true, when your buy orders get hit the corresponding sell orders will be, at the same moment, cancelled, and vise versa, without waiting for STWAN time
BEPips - Pips In profit which EA will Move SL to BE+1 after that; a nice way to lock in some profit, if you leave it at 0 nothing will happen
TrailingStop - Trailing Stop; enter the amount of pips you want your trailing stop to be and EA will track all profitable orders
mm - Money Management; true or false; if you set it to true, EA will automatically determine the number of lots for your orders, in according to the risk you are willing to take
RiskPercent - The risk you are willing to take on any single order
Lots - Number of Lots for your orders; if you set mm to false, than you have to tell to EA how many lots to use for the orders; so if you put here 1, every order will be placed with 1 lot
TradeLog - EA will use this to create a name for the log file. You will find this file file in the experts folder of your MT4 platform, with detailed explanations what took place while EA was running.
I guess it’s a good system, but I find it really really stressfull and difficult, because you have to wake up crazy hours
rush to your pc the to get the news on time during the day…:o
Good day to you Priest9,
I want to believe that you have been making money with this system of amazing…
Well… i can tell you that With GOD i am doing well with it too:).
I just want to ask if you have the advance system of amazing forex so that i can up-grade myself on it.
I will really appreciate your reply to my request.
Thanks.
Yours
Adekunle.
I don’t know anything about an advanced system ADEKUNLE, but you can make it as advanced or as simple as possible.
The way to go advanced is to analyse and document the fundamental news from about 2005 to 2008 and see the average move per event together with the optimal settings for SL, TP, pair, whipsaw and straddle (in pips, say 10 for a huge move and 5 for a medium move). The guys from FF analysed 2006 and made a very informative exel file (see attachment). Very usefull, but far from complete…