Last night I was reviewing my charts on Oanda and decided to take a long position on GBP/JPY after seeing a BUOB bouncing off of a reasonable support area.
Oanda opens candles at midnight EST, so I placed a pending order to trigger my position when the BUOB's high had been breached by 15 pips.
I identified the 1st PPZ area and placed a TP of the full position since I was not going to be awake overnight to manage the trade as/if it tried to make it higher or was rejected, and I would not be able to move me SL to break even.
Anyway...I chose to have the pending order valid for 3 hours, thinking that if the new candle had not passed the BUOB within that time frame, maybe momentum wasn't on my side.
When I woke up this morning, as murphy's law would have it, my order expired untriggered....but the move did happen as planned for over 100 pips.
I realize that candles starting at midnight EST aren't going to necessarily move a lightening speed as they are deep in the Asian session.
Any general ideas or guidelines regarding how long some of you may leave a pending order in place and the relation regarding momentum?
Or is it more an example of just a random issue that will vary with each pair and/or timeframe & trading session involved?
Thanks and happy pip hunting.
Oanda opens candles at midnight EST, so I placed a pending order to trigger my position when the BUOB's high had been breached by 15 pips.
I identified the 1st PPZ area and placed a TP of the full position since I was not going to be awake overnight to manage the trade as/if it tried to make it higher or was rejected, and I would not be able to move me SL to break even.
Anyway...I chose to have the pending order valid for 3 hours, thinking that if the new candle had not passed the BUOB within that time frame, maybe momentum wasn't on my side.
When I woke up this morning, as murphy's law would have it, my order expired untriggered....but the move did happen as planned for over 100 pips.
I realize that candles starting at midnight EST aren't going to necessarily move a lightening speed as they are deep in the Asian session.
Any general ideas or guidelines regarding how long some of you may leave a pending order in place and the relation regarding momentum?
Or is it more an example of just a random issue that will vary with each pair and/or timeframe & trading session involved?
Thanks and happy pip hunting.