This is a odd question. Im a newbie so forgive me if its the "wrong" question to ask, or I put it in the wrong forum. I plan on trading on the major news events.
Warning: inproper terms will be used throughout this post!

So before the major news event, I get a buy and sell ready. For example say EUR/USD is at 1.2658, what should my prebuy and presell be at? 10 pips above/ below in hopes to catch the big swing (1.2668 and 1.2648?)

The problem is the software I use only allows me to have a trailing stop of 15 pips. I rather have a lower number, 10? 5 ? ( is that too low ? ).

I dont really need it, I can close manually but I rather have a lower stop and hopefully catch the swing, and then go eat breakfast or something

Cliffnotes: Looking for software that will give me lower trailing stop loss. Example 10 pips instead of 15.

10 pips seem good. As for trailing stop, it should be in some relation with your initial stop. If your initial stop loss is 20 pips away, then your trailing stop of 15-20 pips okay. You got to give the market some room to breathe.

You have to write an expert advisor in MQL4 language to perform this task!

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Hope it helps !
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Senior MQL programmer:
www.xpworx.com/custom.htm

Thanks for the replies. I best get learning the MQL4 language then

Hi Ruf,

I think a news event straddle position of only 10 pips above/below would be compromised in the blink of an eye. I've seen the initial price swing in the range of 35 to 50 pips in both directions.

Look at it this way: If you set your initial positions with enough slack, you'll be able to catch the true direction when the market does break.

As to catching the big wave: What's the use of installing your positions so close that you end up loosing on one, and gaining on the other? Wouldn't it be better - and less nerve wracking - to catch the safe part of the wave?

moneyline