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When Do you Enter a Trade?

  • Post #1
  • Quote
  • First Post: Apr 22, 2007 9:20pm Apr 22, 2007 9:20pm
Does anyone wait to enter trades at the start of a new candle for whatever time frame you use?
Would you say there is an advantage to doing that? If so, why?

Any help, would be much appreciated...

Thanks...

Marc
Quoting marcf
Does anyone wait to enter trades at the start of a new candle for whatever time frame you use?
Would you say there is an advantage to doing that? If so, why?

Any help, would be much appreciated...

Thanks...

Marc
I often do. Or I wait until say 10 minutes before a candle closes on 1hr, 30min on 4hr etc to make certain it will close above a certain point or level. Or at least the probability is greater.

The advantage I get out of it, others may as well, usually applies to whipsaw. For instance, if I have a 3 week old support level on a pair: 1.2500 lets say ... I dont want to get caught entering and exiting the market too many times. If the price taps through down to 1.2488 retraces, 1.2491 retraces, 1.2490 retraces and does this 2-3 additional times in the matter of a 4hr candle.. I don't want to trade all of those "breaks" and have the 4hr candle close @ 1.2518 or something of the sorts. Instead, I will wait for the 4hr to close below the support line. If the market ends up moving back up over the next 4hr candle I will take a loss (support break not holding for the time). However, in that 4hr candle the price may in fact move down toward 1.2450 and I will be secure in the trade.

Of course, there is always the chance that in that 4hr candle the price could go from 1.2600 clear through 1.2500 all the way to 1.2400. This is when I may use a 1hr chart to scale in 1/3 of my order after the break.

I do not think waiting for a close of a candle offers any real aid to trade. Although, at least in my case, it creates more order. This order is also accompanied by the fact that I have designated times that I should be prepared to place trades and not at any random minute.

I rambled a bit.
The market is my nation. Traders, my family. Hello, brothers and sisters!
Thanks so much for the reply!!!

Quoting StockKJay
I often do. Or I wait until say 10 minutes before a candle closes on 1hr, 30min on 4hr etc to make certain it will close above a certain point or level. Or at least the probability is greater.

The advantage I get out of it, others may as well, usually applies to whipsaw. For instance, if I have a 3 week old support level on a pair: 1.2500 lets say ... I dont want to get caught entering and exiting the market too many times. If the price taps through down to 1.2488 retraces, 1.2491 retraces, 1.2490 retraces and does this 2-3 additional times in the matter of a 4hr candle.. I don't want to trade all of those "breaks" and have the 4hr candle close @ 1.2518 or something of the sorts. Instead, I will wait for the 4hr to close below the support line. If the market ends up moving back up over the next 4hr candle I will take a loss (support break not holding for the time). However, in that 4hr candle the price may in fact move down toward 1.2450 and I will be secure in the trade.

Of course, there is always the chance that in that 4hr candle the price could go from 1.2600 clear through 1.2500 all the way to 1.2400. This is when I may use a 1hr chart to scale in 1/3 of my order after the break.

I do not think waiting for a close of a candle offers any real aid to trade. Although, at least in my case, it creates more order. This order is also accompanied by the fact that I have designated times that I should be prepared to place trades and not at any random minute.

I rambled a bit.
  • Post #4
  • Quote
  • Last Post: Apr 22, 2007 10:23pm Apr 22, 2007 10:23pm
Most of all I'm trying to look for a place to enter. A pivot, previous supp or res level. Or if I think the market has turned I'd rather buy for example when stoch, W's % R are oversold and turned up on 5 or 15 min chart than be waiting for them to have gone to overbought level. This can be the difference between getting out even or losing on a trade if it doesn't go your way. Also I'm looking for several time frames to be OB or OS at the same time.
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