System of Pending Orders

If you're experienced then you'd recognize from the statistics that the performance would essentially be the same on both demo and live. If and when I trade live, I wouldn't post the live on a TE. It's enough for me to see how that would turn out from the much resentment, hate, and jealously this has already generated.

Hello spotrate,
there is a new PO for USD/CAD buy at 1.3214.

Would you please let me know what is the reason to place buy at 1.3214.
Maybe it would help me/us, if you could Show that in a screenshot.

Thanks and best regards,
renko

I'm happy to answer a non-venomous question and I'll do it in terms of NZDUSD since that was the pair in the previous screenshot.

Basically the price doesn't have to be in a perfect looking trend but when it does breakout of the range, instead of entering on the breakout, stalk the trend from behind with a thoughtfully placed pending order. I say thoughtfully because you don't want to get triggered too early and then be stuck in a scary counter-trend. Counter-trending strategies can be fun and fast profitable but if you ask anyone who has been blown by a grenade , they'll probably say the safest basis for a developing strategy is following the trend. It's all fun and games until you get caught against a trend.

So then the question is where to place the pending. This seems like a simple enough thing but it also might not be. The reason TPO-Range-v3.mq4 is a good tool for this is because you can apply it just before the daily candle close and stalk anything that looks like it might currently be trending. So in the case of NZDUSD, there's an uptrend and as the screenshot shows and the indicator finds a good location for pending placement. In the same way, USDCAD is currently in a downtrend which is why it's being stalked with a buy stop.

But if pending placement hasn't been mastered or if you just don't want to mess with it, you can just follow the system since the pending orders will usually be on the TE hours in advance to actually being triggered.

According to TPO, it's a fine location. This is not an exact science and there really is no precise right or wrong. So for the system in the TE, since it's an EA that is selecting the pending order locations, it's going off of a one-size-fits-all for all 34 pairs so it's not going to match the TPO exactly. Since it's not an exact science you can decide how conservative you want to be so you don't risk getting triggered too early or, you can just follow this system.

Thanks for Reply!
renko

Sometimes when I check the TE to make sure it's showing the current pending orders, it shows that the last time it synced was at least an hour before. When some of you are checking the thread, does it show it was synced recently or a long time ago?

Howdy spotrate - cheers for sharing mate

The update time on TE varies... this time it was @ 29mins... last time i checked it was an hour ago and the time before that it was only a few minutes... so its variable.

This system would be very difficult to follow manually as there is just so many orders to fill. An EA is really the only smart solution to this kind of high volume trading.

On your previous Chart of NU - it shows a sell stop, but yet you can see the trend is up - so i didnt really understand your explaination of that? could you please elaborate?

Earlier in the thread you were talking about the price breaking out of a range. Then you were talking about not trading against the trend, but we are placing orders in the opposite direction to the trend? This is why im confused... Its a swing trading system - so im guess were looking to counter trend trade and catch the new trend direction with the pending order - would this be a correct assumption? If so - then we are using the TPO indicator to find the location for the pending order correct?

Im reading all the thread, but i cant find it. The only file shared is indicator, still looking for it like you.

Thanks for letting me know. Yeah I can see why it would be hard to follow the pending orders since it doesn't seem to sync on regular intervals. That's too bad.

There is another site called FXSTAT and I think they use an EA to sync the transactions in real time instead of intervals. I'll give that a try and see if that'll work good alongside the TE.

About the NZDUSD, you're right it is on an uptrend on M15 so for me, the current trend is only part of the setup because I'm looking to get in on the swing down which would be the trend after the current trend.

Ok i think i got this - 2 more questions - do the unfilled pending orders have an expiry - say 24hours? If not filled - look for another the next day if the trend continued on?

And lastly- have you found the TF for looking for pending orders makes a difference? I noticed all your posted charts are showing the 15m TF...

I see what you're saying and yeah, it's a fine art to try and avoid making a counter-trend entry. That's really the value of the strategy here. I think there are infinitely many ways of describing the same exact setup or event. What one person will call a counter-trend setup, someone else will call a trend setup. So I just don't get too caught up in labels or definitions because it doesn't help anything. I'm just looking to catch the movement down, after I've observed a movement up.

That's the timeframe the strategy is using to look for a current trend, M15. The pending order locations are good so they'll be there until triggered. Friday is when things are closed and deleted. I would leave them over the weekend in order to reap more but my broker has a 200 limit so the 5 day holding period makes sense for now.

Yup, the edit on your post is all correct.

Hmmm, if you can't find it then maybe you missed a post? It's possible maybe this one is one of the ones you missed.

Ok so for an excercise in determining the pending order location, i see below; Does this look like the type of order we are looking to place?
Hows my location?

Based on your screenshot you wouldn't look for a buy. You'd want to look for a best location to sell the swing down since GBPAUD is currently in an uptrend. And if you must force a location to sell at this moment, I would choose in between the TPO dotted lines marked by the blue horizontal dashed line at around 1.75737

Thanks for sharing


is correct?

With all due respect, no. The thing to do is look for a current trend and then stalk it for the swing. Right now GPBJPY is not really in an uptrend nor down trend so it's not a pair where you can thoughtfully place a pending. It's all about thoughtful placement, that's really where the value is.

EURNZD is in a clear uptrend so you could try that one for practice.

The charted pair i posted was GBPAUD not GBPJPY... its been trending down for quite some time - then a sudden further drop on brexit. Please check my chart again?