DislikedI entered long AU when the LO made the dark blue area in the morning (have not saved screenshot then) and vertical green marked candle crossed it (+spread). What have I done wrong? {image}Ignored
From what I can see and according to my broker, the Lowest Open was established 12:00 @0.68140. At 13:00, a marginally higher open @ 0.68142 was printed and so the lowest open was still 0.68140.
I am not sure whether you have used a stop order or a market order, but I would have placed a buy stop based on the 0.68140 lowest open as adjusted by your spread. This may or may not trigger as the subsequent high at the 13:45 candle was 0.68142 and if it did, then this would be a losing trade and one that you would put to statistics.
As you can see from my own posts, I like to add 1 pip + spread to the lowest open for my buy stop price. This is in breach of rule 2 and have already been picked up twice by Too Slow, but had I traded this entry, I would have had a deleted Buy Stop order instead of a small loss. Ultimately, there is no such thing as a free lunch because the extra pip I add in would have resulted in a reduced lot size (I use % risk) and generated less profit if it went my way. I guess from TS' experience, rule 2 would probably be optimal and having stop losses taken is just statistical and a fact of trading.
On the other side of the equation, you can also see that it has broken thru yesterday's low to create a new low for the day in one strong 6 red bar downward move before stabilising in a narrow 5 pip range. With hindsight it is easy, but at the time of your entry, would this be seen as "jumping in front of a freight train"? I don't know the answer to this one and would defer to the more experienced members of this community.
1
