I just began an in-depth demo or CitiFX Pro, and the option of entering Limit Order is a question for me. Perhaps I do not understand this too well hence I am here. Can someone please clarify for me if my assessment is correct?
I am on the one minute chart and let's say it is at 1.2670 up on a trend (bullish). But I placed a short / limit order of say 1.260 expecting it to turn back. When I place this limit order, the order is immediately placed when it says specifically LIMIT order. Thus if the price never reverses and it hits up to 1.2690 then I would lose 30 pips - I would manually cancel order. My impression was that the 1.2660 short / limit order I placed was only going to execute if the price only reversed and it hit that amount which I set a limit amount for. Can someone please clarify if this is correct? Or am I mistaken with this concept? Is there a better way of doing such order entry? Thank you.
I am on the one minute chart and let's say it is at 1.2670 up on a trend (bullish). But I placed a short / limit order of say 1.260 expecting it to turn back. When I place this limit order, the order is immediately placed when it says specifically LIMIT order. Thus if the price never reverses and it hits up to 1.2690 then I would lose 30 pips - I would manually cancel order. My impression was that the 1.2660 short / limit order I placed was only going to execute if the price only reversed and it hit that amount which I set a limit amount for. Can someone please clarify if this is correct? Or am I mistaken with this concept? Is there a better way of doing such order entry? Thank you.