I have a strict criteria for news releases - they have to match all four entry criteria or I don't take the trade.. After a while I noticed certain patterns that happen when news release breakouts fail, from there I developed a way of covering the first trade should it fail - with double the position size. The idea being that the profit makes up all of the previous loss + a small profit. In this case, profit is never big enough to boast about but it's still better than just taking the loss on the chin.
It's hard to explain. Took me forever to work out but (so far) it's had a 100% success rate since working out how to cover the failed trade. However, given that the criteria is strict, I don't end up taking many news trades at all. For example, this is the first one in nearly 2 months that I've actually taken. And with the mid-terms coming out this may crush my 100% success rate - but I trust the system so took the trade anyway.
As for the timezone question.. ask my wife about that..
- I set alarms throughout the night to wake up. If it fits my criteria I take the trade, if not, I go back to bed. She gets absolutely livid about it but unfortunately it's what I have to do living in the GMT+12 timezone ..
