NewsTrader EA

Originally Posted by newdigital

ECB Minimum Bid Rate -
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stop loss for two orders (EURUSD) was moved to breakeven:

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Originally Posted by newdigital

ECB Minimum Bid Rate -

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This is the statement for this news event:

and one trade is still open:

Originally Posted by newdigital

This is the statement for this news event:

This is the final statement for this news event -

Originally Posted by igorad

Hi pakeha,

It's difficult to understand what happened in this case with the EA. Could you post your settings and the expert log file for this date.

Regards,
Igor

Igor

OK. The EA worked fine for me today. I tried a different magic number Will see if it happens again and get you the expert log file.

Cheers

Please share your set file.
??

Originally Posted by elbakr

Please share your set file.
??

If this question is to me so set files are attached.

Originally Posted by elbakr

Please share your set file.
??

elbakr

I use Newstrader all the time, and have been successful doing so. Its an excellent EA.

My experience is the out-of-the-box settings are geared for the big news events - Central Bank decisions and NFP, where you will get large 50-100 pip moves. For the other "red" news events where you will often 20-25 pip moves you may want to consider some different settings.

For these less volatile red news events my setup will have something like this (depending on the event)

1. pending orders = 1, rather than 2. The reason is that price will hit the second pending order at say 25 pips from the candle open and reverse back quickly, because the move is only 20-25 pips.

2. gap in pending order from current price = 10 pips, rather than 15. This way you can get a tighter fill on the 25-30 pip move. This doesn't work for the really volatile events because pre-release price can fluctuate and take out one/both of the pending orders, which is no good for straddle trading - so stay with 15 pips for them.

3. SL = 20 pips

4. TP = 50 pips, however I will also manually close during the first minute, when the move typically happens, if I see it isn't going to hit 50 pips quickly. I have target price levels drawn on my chart, so I have an idea of where price will likely hit and stall.

5. trailing stop = 10 pips, this is necessary because price moves very fast in the first minute and in some cases can reverse on you completely

6. News filter, I only use "H" for high or red news. I delete the L,M, in the news filter input, so it only shows "H"

I should also mention that I only put the EA on the key pair about 15 min prior to the news event that I am trading. I also set the time gap between pending orders and news at 1.0 (1 minute prior to the news rather than the default 2 minutes) - this allows less time for price to fluctuate within the straddle prior to the news release. I then remove the EA immediately after the news event trade(s) is complete. In other words, I don't let it run in "set and forget" mode - that would be far too risky.

After doing the same news events month after month you get a feel for each of them.

The best news events for straddle trading are those where there is only one news event at the designated time. (for example, when the NFP release happens there are multiple US news releases which can impact the direction price moves, so trading NFP can be tricky). Further, the best news events are those where price is only going to go one way - immediately up or immediately down (for example, a CPI data release) - so there is no tail on the candle. Finally, the best news events are those where expectations are not met - that is when you get the best price moves - so if a red news event meets expectations exactly then price often does not move at all, so immediately delete the pending orders.

Hope that helps. Try on demo to get the feel for it. Its a lot of fun

Originally Posted by pakeha

I use Newstrader all the time, and have been successful doing so.

@pakeha: did you use this EA on live or always on demo accounts only? I'm asking because this kind of EA can achive a very different results on live. This is because the demos usually have a better filled orders than lives(which is critical for this kind of EAs), since demo accounts don't have to deal with real liquidity during high volatility moments.

So let us know your experience! :-)

Originally Posted by ape_epa

@pakeha: did you use this EA on live or always on demo accounts only? I'm asking because this kind of EA can achive a very different results on live. This is because the demos usually have a better filled orders than lives(which is critical for this kind of EAs), since demo accounts don't have to deal with real liquidity during high volatility moments.

So let us know your experience! :-)

ape_epa


For me, its all live trading. Trading red news is actually the most profitable trading that I do, and like most of us I have tried tons of different approaches .

Most news releases are OK re: liquidity, but it will depend on the broker. I don't see a lot of slippage with the straddle pending orders, which are typically 10-15 pips away from price. Remember we aren't trying to enter at market, where you will see slippage, especially if you are trying to enter in the first minute.

I do suggest using the EA on a demo account at the start so you can learn what red news events are best, how price reacts to different types of events; how to optimize the settings in the EA; and of course getting repeatable wins so you can gain confidence. Basically what I was trying to convey is that for news trading its not "one EA setting that fits all news events", and its definitely not a "set and forget" exercise.

The Newstrader EA has a lot of nice options that allows you to tailor how you trade different types of news events.

Hi pakeha! Thank you for your clarification. I never used any news EA for my personal trading but years ago coded some of them for people.

I will consider your suggestions. :-)