Written by Barry Battista
Wednesday, May 23rd, 2012
Couple things before launching into the trade for tomorrow morning.
One trader (Ross) had some issues with the UK Retail Sales trade this morning and asked me to look at the Experts tab. I found out what happened and made a fix to better deal with it in the future. His trade got profitable enough for the EA to try to set the hard stop to zero. Problem was the broker didn’t let that happen, giving error 130.
The issue was that upon seeing the error, the EA returned to do other things without moving the stopline to zero. The stopline was only moved if the hard stop was successfully set to zero. I changed the code to move the stopline whether the hard stop was successful or not. This is included in a new copy of the 2.36.3 release.
This only happens when the stop is moved to zero (not for other moving of the stop). The broker has no influence on where the stopline is set so this cannot be prevented, and will force the code to start trying to take your order out when it hits this point whether or not the hard stop is there.
I will send a new copy to anyone who wants it. Just let me know in here. I will put it on the website but am doing some work on the website right now so Skype will have to do.
Which brings me to point # 2. I am moving the website from GoDaddy to WordPress for hosting. This involves a bunch of changes and in order to test stuff, the current site can’t be up. There are no trades from Thursday afternoon till next Tuesday night. A bunch of work on the new site has already been done, but I will take down the current site and try to get this new one to a good point over the weekend. So if you look at High Odds Trading, it might be in an odd state from time to time over the weekend. Hopefully it will be good to go by Sunday, if not before.
The background template will change but all the content and functionality should be the same. Hope this doesn’t cause any confusion. Next week I will put the new 2.36.3 there for download.
Now, on to tomorrows trade.
4:30 AM EDT
UK Revised GDP q/q – Change in the value of all goods and services produced by the economy.
GBP/USD
This is the second of the three GDP releases, and, like the third, tends not to be taken very seriously by the world community. I won’t likely be getting up for it but would take a whack at it if it weren’t in the middle of the night. Trade light, if at all.
This has come out at zero on row 1 the last 3 times it happened and we saw little in the way of consistent movement on any of the trades. It is not clear whether we would see a good move with a deviation of say .2 or more, so we are kind of shooting in the dark here.
As with every trade, be ready to click out if you see premature movement, though that is unusual for UK trades. Also look for 100+ pips of movement in the 2 hours preceding the trade time, like we saw this morning. If you see that, either don’t trade at all or only trade in the direction of the move (buyOnly or sellOnly depending on whether the big move was up or down). If this buyOnly/sellOnly stuff doesn’t make sense, then just don’t trade at all in the event this happens.
ORACLE TRADER – try .2 medium and .3 safe, trading 1/4 your normal lots on a medium and 1/2 on a safe.
STRADDLE V1.3 – set maxSpread to 6. I’d get out right after the spike unless it is really huge, which is unlikely. If you are not in within a couple seconds after the release time, get your orders out.
STRADDLE PRO – try Buy/Sell Triggers at .1 and check the box. I would use trade management and get out fast if you get in with a low deviation, like 0 for example. Hard to say whether .1 will be considered a good deviation or not, but I doubt it. If you see .2 or more on row 1 and agreement of row 2, it might turn into a decent trade.
