No trades today. Very quiet. I had a couple of e-mails through regarding my trade yesterday asking me why I didn’t close the trade prior to the economic news announcement at 3.00.
Now, my understanding of the system is that you don’t enter any trade in the 15 minutes prior to a schedualed news release (there is a website we check that gives the times of news releases that might affect the markets). However, I entered the trade an hour or so before this news release and as far as I’m aware, there was nothing said about exiting a trade prior to a release, so I have always just traded through them. After all, if I entered a trade, say 20 minutes before a news release, I’m not going to then just close out after 20 minutes, because I think most of my trades have lasted over an hour anayway. The trailing stop is there to protect me should there be a sudden reversal and I suppose if I was entering a trade pretty close to a news release, say 30 minutes before or thereabouts, I always have the option of going for the Guaranteed Stop and paying the extra couple of pips if I was concerned about the market moving beyond the stop before me getting closed out. I’ve never done this up to now though because I don’t think I’ve been signalled to trade before a news release anyway (and this might be because the market is generally a little unsure of itself before a release I would imagine). If anyone has any other take on this then let me know.