Thank you marketsurfer for alerting us to this. It's a great idea.
If non-farm payrolls are released on Friday 8th December how about entering 2 limit orders 10 pips either side of the price at 8:29 am and exit immediately on the first spike up/down.
Specifically if GBP/USD trades at 1.9800 then enter buy limit @ 19790 and sell limit @ 1.9810. At 8:30:01 price jumps 70 pips to 1.9870/ 1.9730 . Exit as soon as you can. Hopefully you got filled at 10 pips above/below the price not 70 as the broker never fills you at a more advantageous price than the one you hoped for.
At least there is no reason why you should not be filled on a LIMIT order when there is a gap against you. In the interbank market such orders are retracted by traders before news releases, that's how gaps are created. If someone leaves such an order it should be snapped up immediately on release of the news.
However there is a rule that only allows take profit or stop loss orders - does that mean no limit orders ?
If non-farm payrolls are released on Friday 8th December how about entering 2 limit orders 10 pips either side of the price at 8:29 am and exit immediately on the first spike up/down.
Specifically if GBP/USD trades at 1.9800 then enter buy limit @ 19790 and sell limit @ 1.9810. At 8:30:01 price jumps 70 pips to 1.9870/ 1.9730 . Exit as soon as you can. Hopefully you got filled at 10 pips above/below the price not 70 as the broker never fills you at a more advantageous price than the one you hoped for.
At least there is no reason why you should not be filled on a LIMIT order when there is a gap against you. In the interbank market such orders are retracted by traders before news releases, that's how gaps are created. If someone leaves such an order it should be snapped up immediately on release of the news.
However there is a rule that only allows take profit or stop loss orders - does that mean no limit orders ?
As a consolation, my real currency accounts composite is up +2.51% over the same period, all realized gains... I'll take it.