Hello Fellow Traders,
Here are Forex News Gun trade parameters for this release:
Canada Core CPI > 8:30am NY time
|Traded pair||Expected figure||Deviation trigger|
|USDCAD||1.1 (%)||±0.3 (%)|
Expected move during first 20 minutes after the release: 20 pips or more
|Buy||USDCAD||if actual figure is or is below||0.8 (%)|
|Sell||USDCAD||if actual figure is or is above||1.4 (%)|
Configuration steps for Forex News Gun client:
1. Start trade terminal
- Open your trade terminal and open an order sending dialog with Buy and Sell buttons.
- Select USDCAD pair.
- Set your lot size - use your constant risk level on balance.
2. Start Forex News Gun client
- Open your Forex News Gun client ( and ) and click 'Connect...'.
- Drag the FNG window aside in order to make trade terminal's Buy and Sell buttons visible.
3. Set a click
- Click the 'Set Click' button in the row of Canada Core CPI.
- Double click on first row's 'Range To' cell. Type '0.8' and hit Enter.
- Click first row's 'Click Location' button.
- Drag the mouse cursor over the terminal's Buy button but don't click. We just show FNG where it is by pressing 'S' key while mouse cursor is over the Buy button. You will see the screen coordinates appearing in the FNG client.
- Double click on second row's 'Range From' cell. Type '1.4' and hit Enter.
- Drag the mouse cursor over the terminal's Sell button but don't click. Press 'S' key there to register button location in FNG client.
- Click OK on this 'Set Clicks' window
4. Keep trading environment intact
- Make sure that your pc, trade terminal and FNG client is running at the time of the release: Friday 8:30am NY time.
- Make sure that trade terminal's Buy and Sell buttons are visible at that time in order to catch screen clicks from FNG client.
Now you have an automated news trading entry environment that will enter the market in a fraction of a second if this release figure hits the deviation. Nevertheless, don't forget to be at the PC at the time of the release in order to manage your position and to take that pips on the first spike that lasts no longer than several minutes.
I cannot tell you where to exit in relation to your entry, because entries during news vary greatly, due to different spreads, slippage, and other factors. For this reason, it’s extremely important that you review historical charts for Canada Core CPI, where the same deviation of at least 0.3 occurred. Click here to see such history: Canada Core CPI history of charts.
Once there, set filter to Difference Actual-Forecast >= 0.3 and click “Filter” to see list of charts.
If the release figure doesn't hit the deviation then FNG client won't click so you can either close it or set the next release. In this case don't forget to change currency pair if needed according to the new release details. Don't be surprised if most of the releases don't trigger. This is a conservative strategy and according to my statistics only every 4th or 5th release opens a position by hitting the deviation.
You can try to make money “while you sleep” with this. To do that, set it up on stable computer or server with stable internet connection, and pre-set your stop/loss and take/profit targets with your broker. As long as the platform and FNG remain open, your trade will be executed and exited automatically.
To get even more creative with FNG, when setting up clicks, you can set up first click instantly on let’s say “Buy”. Then you can set up second click with let’s say 20 minutes delay on let’s say “Sell” to automatically close your buy trade 20 minutes later. To do that, simply put 20 into the MM field next to the second click, and identify the “Sell” location. HH stands for hours. MM stands for minutes. SS stands for seconds. MS stands for milliseconds. The software will delay any click by your specified desired time parameters.
Due to so many releases not hitting the specified parameters, and due to them being released at such different time frames, being able to set it up, and leave it on auto-pilot may be attractive to some people, though it will be more risky.
>> Go to see other trade plans for Friday, February 22nd, 2013
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