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.