What a friggin joke....it never used to be this bad for every single eco release. I mean, they may as well just say, please do not trade numbers as our system can not handle them properly. The other 4 feeds i was watching did not widen at all.
It's become an all too common complaint. Such is life at the buckets. You have choices though. IB. MB Trading. Hotspot FXi. CME currency Futures.
I realize I have choices. I actually do have other accounts, however I was still trading one method (and as a backup) using OANDA as it was the first forex broker I used for forex trading (sort of ). However, some entries have been triggered on numbers moves, and I have not entered due to double digit spreads. There are very few reports where such a drastic widenning is warranted (and these two are FAR from it), and non of the other feeds i have did such a widenning, including two ecn based feeds.
No offense man, but please READ what is being said. Of course the spread widened for the CPI. However the spread had narrowed and then widened AGAIN for the releases at 9:15. Last time I checked, the reports being discussed are released 45mins after CPI. In addition, none of the other 4 feeds that I have widened by more than a tick (with two not widening at all).
apologies. But the market is ever changing. Just becuase US IP was did not cause any moves 6 months ago does not mean it won't now. I can see oanda wideing spreads whenevr there is a release that can potentially cause high volatility. IF you don't like oanda's wide spreads aroudn news then don't trade with them. Be warned, at least with oanda you're 'guarnateed' fills even though the spread is wide. Move onto and ecn, and you're unlikley to get filled at all even if thespread is tight
there is no such thing as guaranteed fills, Oanda does have slippage during fast markets. But the problem is that even now, at 4:42 EST the GBPUSD spread is SEVEN pips. What is the spread with IB, MB, Hotspot ? I mean, it's 12 minutes after the number, it's ridiculous.
Spread during the first 5 secs after CPI release yesterday for: IB was 7 pips, then 1.5-2p MB they say remained @ 1p. Though I find that suspect. But after the 1st 5 secs, it was back to 1pip. Hotspot FXI, 5p, then 1 - 3p. As for not being able to get a fill, if you place a limit 5-10p ahead of the market, you'll get a fill. Just don't set any stops during the 1st 8-10secs.
ddunbar, thanks a lot. if i understand it correctly they reduce the spreads immediately [few seconds] after the release, right ? That would be nice, because even without straddling there are opportunities soon after the release, and it's most frustrating to see 10/15 pips spreads 3 minutes after the release like it's become rule with my MM.