Thank you very much for the calendar. And thank you everyone else for the additional information.
I just started forex 3 weeks ago. I had the thought on Friday to see about creating a strategy to trade news. So over the weekend I've been collecting information on economic indicators and calendars. Just found this site from that search. Actually, found the thread about the calendar that links to the main thread about the calendar which links to this thread.
Here is the strategy I came up with yesterday based on the friday afternoon US news. Haven't tested it much obviously since I just did it. But it worked on 3 markets with the 4 data releases.
Here's an image of EUR/USD. Click image for normal size.
Source: Fxsol.com's 'FX AccuCharts'
I have images for the other 2 markets as well.
(I messed up and added in my 3 pip shread to the profit.)
But anyway, I create a channel for somewhere around 8 - 10 hours. I then set up my trades 10 pips out from the channel on either side. This covers most whipsaws that could occur at the expense of some pips.
Ah...here is what I have written down.
1) Define Channel before News Release (10 min) [Average 8 hour channel] Define per Market and Real-Time Conditions
2) Initiate Buy and Sell Orders out from Channel [Average 10 pips out] Define per Market and Real-Time Conditions
3) Add Stop Losses to each Position [3 pip]
4) Upon execution of either -> Close Other Contract
5) Wait for 2 - 5 pip reversal on chart before exiting position
6) Wait for full drawdown shown by a 2 - 5 reversal in original direction
7) Open 1 lot in original direction with 3 pip stop loss
8) Close on 30 min chart doji or 5 pip reversal
What does everyone think?