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Another failed morning...

 
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amclaughlin01

Another failed morning...

Alveo again freezes right after news hits... 8(

Don't know why I even try to trade anymore...

Fri, 11/20/2015 - 9:33am
 
execconsult

Sorry that Alveo froze on you. That has got to be frustrating. Is that why you had a failed morning or is it something else?

 
amclaughlin01

yes, it froze and I was not able to close the position when it was in profit. Once it came live again, It was negative.

 
amclaughlin01

Unfortunately during news events it can be most critical that first minute depending on how volatile it is. In this case it jumped in my favor, then it reversed and went the other way.

 
chancellorsmail

Like you tried to trade the CAD news and was whipsawed on 2 pairs. Question... How do you determine how wide are your stops ? How do you determine how wide they are ? Maybe it would have been better to try to trade the retracement and not the news ? But how to determine when to trade and when not to ?????????

 
chancellorsmail

You had two news events on Cad this morning. 1 was positive and 1 was negative. Very difficult( probably impossible) when you get that.

 
amclaughlin01

I will normally set buy and sell stops around 10 pips on each side. Then as soon as the news hits, I watch to see if one triggers. If/when one triggers, I watch it and at first sign of reversing/whipsawing I will close the trade. The one that does not trigger, I will close right away.

I have always had good results as long as I can actively watch it and react immediately to changes. I am pretty much scalping the news and will usually only have the position open less than 30secs

 
amclaughlin01

Sometimes if it continues to go in my favor, I will set a TS and let it run

 
execconsult

Most people place stops based on their systems. Some systems place stops at a set distance - maybe 20 pips. Most systems place stops based on either support / resistance levels or a prior pivot point. For instance, I trade a combination of two systems. The Market Maker system I trade would place the stop 23 pips below the low of the day on that CAD trade - It would not have been stopped out. The whipsaw only went 4.5 pips below the low.

 
amclaughlin01

I see what your saying. I usually set my SL at 15 pips with my TP at 30. However on news events It can go much higher than that or not reach it at all in a relatively quick timeframe. In todays case, it didn't necessarily hit my TP mark, but I would have been able to get out with around a 10 pip profit before it started to go negative.

 
chancellorsmail

The last 6 news trades I have traded with 4 winners and 2 losers using stops at 14 plus the spread. I think I will try the next news trade and use multiple positions on each pair. Think I will try 1 stop at say 12 and 1 at say 20 plus the spreads(on each pair).

 
baughsten

chanc what time frame do you trade

 
chancellorsmail

Baughsten: I trade the 1 min