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A Great Setup Occurs...
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A Great Setup Occurs...

  #1 (permalink)
Elite Member
Los Angeles, California Republic
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES, Mongolian Horse Futures
 
srgtroy's Avatar
 
Posts: 1,456 since Jan 2011
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A Great Setup Occurs...

...just before major news/data is scheduled to come out. Do you take it? I find myself confronted with this problem often and wonder what others do?

Know The Rules Well So You Can Break Them Effectively
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  #2 (permalink)
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  #3 (permalink)
Elite Member
las vegas
 
Futures Experience: Intermediate
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Very occasionally I will hold a runner if good in the money and I don't think my stop will get hit, but if full units are on then I close it out. Otherwise, it's just gambling IMO. I bitch about the news jackin my trades all the time, but it's just something you have to accept.

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  #4 (permalink)
 Vendor: www.indicatorx.com 
Bridgwater, UK
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: MB Trading
Favorite Futures: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
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Depends on the instrument, timescale and strategy, but my approach....

5 minutes prior any positive open trade to breakeven, any underwater trade close out. No entries 20 minutes prior for medium impact news or 2 hours before major releases.

As @vegasfoster says unless you actually trade news as a strategy then it is a gamble.

Also slippage can be a big problem in some markets. A good proportion of the volatility around news can be due to the lack of liquidity as 'everyone' pulls orders to see what the initial reaction is. So if you are in the market at that point it can be difficult to get out close to a price you want.

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  #5 (permalink)
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Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
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I like to wait after the news comes out and find a nice setup that resumes the direction of the trend or figure. Having a trade on before the news is gambling in my opinion since price jerks around pretty volatile in random directions.

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  #6 (permalink)
Trading Apprentice
Hackensack NJ
 
Futures Experience: Advanced
Platform: Sterling
Favorite Futures: stock
 
Posts: 11 since Oct 2014
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Why take the risk? Buy on rumor, sell on news. Im always afraid of holding the bag. wait.

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