Open GBP position prior to MPC vote information @ 9.30am

Presently I have two open positions in the market:

+GBPCHF @ 1.4748, currently trading 1.4738, stop (initial and current) 1.4668

+GBPJPY @ 157.59, currently trading 157.83, stop (initial and current) 156.95

Should I shift my stop loss prior to this news?  The reaction to this is likely to be less volatile when there is a new statement that is released.  In this case it is simply a case of the Purchase Facility Votes (i.e. QE) and the rate change votes.  For this reason I will leave the trades open.  

Back in 2011, my standard rule of thumb was to shift the SL to break-even when/if price moved two-thirds towards the target, and to leave it alone otherwise – the idea was to keep things simple and rigid.  I have noticed that with the 15 trades I have done since June, I have not planned out the SL management at the start of each trade.  This is something that I am going to need to change from the next trade onwards.

 

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