Help me with Canceling Limit Orders | Forex Factory

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Help me with Canceling Limit Orders

  • #1
  • First Post: Feb 7, 2020 9:33am Feb 7, 2020 9:33am
Hello,

I am day trader trading the lower time frame charts using price action methods.

I am testing a strategy where I use limit orders to enter a position on a pull back to keep my risk within acceptable amounts.

Problem
I do not know when to Cancel the limit order after price does not retrace to fill the order.

Options/Solutions:
1. I thought about canceling the order after X amount of pips.
2. I thought about canceling the order after my predefined profit target is hit.
3. I thought about canceling the order after a local support or resistance is hit.

Any other options or recommendations I can consider.
  • #2
  • Feb 21, 2020 9:55am Feb 21, 2020 9:55am
Quoting goodoboy
Hello, I am day trader trading the lower time frame charts using price action methods. I am testing a strategy where I use limit orders to enter a position on a pull back to keep my risk within acceptable amounts. Problem I do not know when to Cancel the limit order after price does not retrace to fill the order. Options/Solutions: 1. I thought about canceling the order after X amount of pips. 2. I thought about canceling the order after my predefined profit target is hit. 3. I thought about canceling the order after a local support or resistance...
Another option is cancelling it after a certain amount of time has elapsed.
  • #3
  • Feb 21, 2020 10:10am Feb 21, 2020 10:10am
Quoting ChilledT
{quote} Another option is cancelling it after a certain amount of time has elapsed.
Thank you ChilledT for the response.

So far I have just been canceling the order after price does not fill my order and predefined profit target was hit.
  • #4
  • Last Post: Feb 21, 2020 6:08pm Feb 21, 2020 6:08pm
Quoting goodoboy
{quote} Thank you ChilledT for the response. So far I have just been canceling the order after price does not fill my order and predefined profit target was hit.
That makes sense, is it giving you good results?
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