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Plan the Trade

  • #8,281
  • Oct 18, 2018 11:09pm Oct 18, 2018 11:09pm
Quoting bapakjason
{quote} In my opinion the speed of nq during nyse open necessitates not using market orders if you want decent precision when scalping. I know two people who scalp for a living. One uses stop orders and the other uses limits. I know of one guy using market orders, but his trades are not "scalp" style trades. He is going for far longer than 25 ticks per trade.
Fills and slippage will always be a variant of market volatility. At key levels, the need to fill is more important (for me) than a tick or two of slippage.... as I scalp for longer moves with no TP and move SL to BE as soon as feasible. Here's the style I am practicing with no TP and fixed SL via move to BE whenever feasible
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Staying in my lane...
  • #8,282
  • Oct 19, 2018 5:17am Oct 19, 2018 5:17am
Quoting VEEFX
{quote} I don't understand what you are saying about "stop limit orders" for entry. Frankly, I have never ever believed in pending orders or entry or exit or SL or TP. I am always a Market Order kind of guy for manual (which made me move to automated to limit screentime) willing to take liquidity instead of offering liquidity to LPs. I have yet to understand all the different order types available. But regardless, what order you use to enter a trade should not matter. Please enlighten me.

When the Nas is in fast trending mode and you are using hooks for trading (jumping onboard a trend after a pullback appears to be over), you absolutely have to use a stop limit order, otherwise you will likely miss the move. Sometimes it comes back for a retest of that point, but often it will run and because it is a strategic point, there will be increased volume right where you want to join in. A manual order will likely see you entered potentially several ticks worse off than where you wanted to be in.
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  • #8,283
  • Oct 19, 2018 8:28am Oct 19, 2018 8:28am
I had read somewhere, cannot remember where, that the NQ is dominated by market orders. Not sure why. It is a first in line environment. Harold hardly ever gets a slip because he is in line with his order so it takes precedence over a market order, which will be last in line. It isn't just a slip though, it is about the fill. With a market order, you will be filled, somewhere. With a limit order, you will only be filled at the price you want, or you won't be filled. VEEFX, if you want to use multiple contracts and scalp, it would be wise to try limit orders. If you are not scalping, then keep on! Your SIM is producing profit. Might feel different once you go live though. a 2 tick slip on 6 contracts is more significant.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,284
  • Oct 19, 2018 8:46am Oct 19, 2018 8:46am
Quoting capstone
I had read somewhere, cannot remember where, that the NQ is dominated by market orders. Not sure why. It is a first in line environment. Harold hardly ever gets a slip because he is in line with his order so it takes precedence over a market order, which will be last in line. It isn't just a slip though, it is about the fill. With a market order, you will be filled, somewhere. With a limit order, you will only be filled at the price you want, or you won't be filled. VEEFX, if you want to use multiple contracts and scalp, it would be wise to try...
I am using exactly how Harold enters... via right mouse click and selecting "Limit order"....my question was, what is a Stop Limit Order and how is it different from a Limit Order in regards to execution and slippage. These are two separate order types in Sierra. When I enter a "Stop" order or a "Stop Limit" order, nothing happens, no error nothing.
Staying in my lane...
  • #8,285
  • Oct 19, 2018 8:49am Oct 19, 2018 8:49am
Quoting VEEFX
{quote} I am using exactly how Harold enters... via right mouse click and selecting "Limit order"....my question was, what is a Stop Limit Order and how is it different from a Limit Order in regards to execution and slippage. These are two separate order types in Sierra. When I enter a "Stop" order or a "Stop Limit" order, nothing happens, no error nothing.
I see. My bad. I misunderstood.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,286
  • Oct 19, 2018 8:58am Oct 19, 2018 8:58am
Wow nothing happening
  • #8,287
  • Oct 19, 2018 8:58am Oct 19, 2018 8:58am
Quoting VEEFX
{quote} I am using exactly how Harold enters... via right mouse click and selecting "Limit order"....my question was, what is a Stop Limit Order and how is it different from a Limit Order in regards to execution and slippage. These are two separate order types in Sierra. When I enter a "Stop" order or a "Stop Limit" order, nothing happens, no error nothing.
Heres a detailed description Vee.
https://www.sierrachart.com/index.ph...rderTypes.html
  • #8,288
  • Oct 19, 2018 9:04am Oct 19, 2018 9:04am
Quoting capstone
{quote} I see. My bad. I misunderstood.
Np. I am a noob when it comes to all these different order types.
Limit buy is when you expect price to come to you from the top.
Limit sell is when you expect price to come to you from the bottom.
The use of Stop Limit Buy and Stop Limit Sells is probably for enter at breakouts or breakouts then enter at pullback/retest to enter in the direction of breakout.... from what I can tell.
Staying in my lane...
  • #8,289
  • Oct 19, 2018 9:06am Oct 19, 2018 9:06am
Quoting Divergence
Wow nothing happening
Same here. she has a mind of her own. lol
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Staying in my lane...
  • #8,290
  • Oct 19, 2018 9:11am Oct 19, 2018 9:11am
Quoting VEEFX
{quote} The use of Stop Limit Buy and Stop Limit Sells is probably for enter at breakouts or breakouts then enter at pullback/retest to enter in the direction of breakout.... from what I can tell.
Correct. I use either limit orders (kind of like standing in front of a train and saying you know where it will stop) and stop orders, looking for a break of a doji or pinbar. Some people probably use the stop limit order for the break of dojis and pinbars too, not just level breakouts. I could see that use.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,291
  • Oct 19, 2018 9:19am Oct 19, 2018 9:19am
Quoting capstone
{quote} Correct. I use either limit orders (kind of like standing in front of a train and saying you know where it will stop) and stop orders, looking for a break of a doji or pinbar. Some people probably use the stop limit order for the break of dojis and pinbars too, not just level breakouts. I could see that use.
I also find it strange that I cannot enter 10-15 buy or sell limit bracket orders. It checks margin and caps me at 3-4 max. I guess limits or not considered as defined risk. Spot FX does not give a hoot if I enter a 100 lot limit order on a $1000 account. curious if this is standard across all brokers?
Staying in my lane...
  • #8,292
  • Oct 19, 2018 9:22am Oct 19, 2018 9:22am
i got nothing so far debating to call it a day or do a little ot
  • #8,293
  • Oct 19, 2018 9:27am Oct 19, 2018 9:27am
Quoting Divergence
i got nothing so far debating to call it a day or do a little ot
I tried all kinds of entries, breakout, pullback, bounce, ema cross etc... nothing worked today for me either.
Staying in my lane...
  • #8,294
  • Oct 19, 2018 9:31am Oct 19, 2018 9:31am
Quoting VEEFX
{quote} I also find it strange that I cannot enter 10-15 buy or sell limit bracket orders. It checks margin and caps me at 3-4 max. I guess limits or not considered as defined risk. Spot FX does not give a hoot if I enter a 100 lot limit order on a $1000 account. curious if this is standard across all brokers?
Not sure either. I know there is a definite difference between FX brokers and those tied to CME. The later brokers do not seem to anxious to be involved in margin calls. Once, a long while back, I had my trade stopped by the broker because it hit my daily risk level, that they set. It is a level that I'm warned about every time I log in. They do not mess around. That level they shut me down at was not even close to margin either!

I imagine they have to figure that a sudden spike in a certain direction could trigger all of the limit orders which would go over your margin and require instant closes.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,295
  • Oct 19, 2018 9:34am Oct 19, 2018 9:34am
i ll call it a day 0 trades thats a rarity
  • #8,296
  • Oct 19, 2018 9:35am Oct 19, 2018 9:35am
+ 25 today and + 25 yesterday.

I seem to start off well, then lose it. So I'm just going to focus on 20-25, see some consistency and then re-evaluate.

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'in less than half an hour he made over 100 ticks'
  • #8,297
  • Oct 19, 2018 9:40am Oct 19, 2018 9:40am
Quoting capstone
{quote} Correct. I use either limit orders (kind of like standing in front of a train and saying you know where it will stop) and stop orders, looking for a break of a doji or pinbar. Some people probably use the stop limit order for the break of dojis and pinbars too, not just level breakouts. I could see that use.
Here's an example from today. Anyone, feel free to correct me if I have this wrong.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,298
  • Oct 19, 2018 9:44am Oct 19, 2018 9:44am
Quoting Divergence
i got nothing so far debating to call it a day or do a little ot
I'm curious H, why didn't you sell at 10:00 at 25.00? I didn't sell either but that's because I lack confidence (LOL). I figured you would've though.
EDIT: I just saw that Jester sold there. Nice one Jester!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #8,299
  • Oct 19, 2018 9:45am Oct 19, 2018 9:45am
Quoting Divergence
i ll call it a day 0 trades thats a rarity
Thats some serious discipline H.
  • #8,300
  • Oct 19, 2018 10:24am Oct 19, 2018 10:24am
Quoting Divergence
i ll call it a day 0 trades thats a rarity
That's discipline
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