hi all...
i just have a question to some of the more experience news traders:
Before the news release I normally put in two limit orders (buy and sell) aprox. 5 PIP+ Spread from the current price (~5 min before news release) with a 15 PIP stop loss and 45 PIP take proft. I had great success with that system and made 10% profit within 2 weeks of trading. But the last two news releases were different. The price moved considerably before news release so my limit sell order got hit and then soon after my buy order. This lead to the cancellation of my trades because the S/L of the trade was bigger thant the 5 PIPs + spread for the other limit order.
I am sure that this is the way to go but I have to fine tune this ...
so, may I ask some more experienced news traders how they do it ? Do you put in two limit orders as well ?? Where do you put you S/L ??
Any replay would be highly appreciated ...
Thanks and kindest regards from Australia
Thomas
i just have a question to some of the more experience news traders:
Before the news release I normally put in two limit orders (buy and sell) aprox. 5 PIP+ Spread from the current price (~5 min before news release) with a 15 PIP stop loss and 45 PIP take proft. I had great success with that system and made 10% profit within 2 weeks of trading. But the last two news releases were different. The price moved considerably before news release so my limit sell order got hit and then soon after my buy order. This lead to the cancellation of my trades because the S/L of the trade was bigger thant the 5 PIPs + spread for the other limit order.
I am sure that this is the way to go but I have to fine tune this ...
so, may I ask some more experienced news traders how they do it ? Do you put in two limit orders as well ?? Where do you put you S/L ??
Any replay would be highly appreciated ...
Thanks and kindest regards from Australia
Thomas