tk, or anyone that may know:
I may have missed it, but when and what type of trade is made when the market at the beginning of Monday is already below or above the market close price from Friday.
For example:
Suppose the Cable closes at 1.9350 on Friday.
After the weekend trading, the Cable is at 1.9250, already 50 below the target sell price.
When you begin trading Monday, do you simply place a Market Order at the current price and set your SL from that point? Or do you wait for it to approach the Sell price from the bottom?
That doesn't seem like a wise move, as you may be hitting an uptrend.
I suppose you could wait until the market ranges up to hit your buy target, but at that point you've already missed 100 pips or more of uptrend action.
My gut tells me you would place a Sell Market Order at its current price and place your SL as per usual, then trade as you normally would from there.
Thoughts?
I may have missed it, but when and what type of trade is made when the market at the beginning of Monday is already below or above the market close price from Friday.
For example:
Suppose the Cable closes at 1.9350 on Friday.
After the weekend trading, the Cable is at 1.9250, already 50 below the target sell price.
When you begin trading Monday, do you simply place a Market Order at the current price and set your SL from that point? Or do you wait for it to approach the Sell price from the bottom?
That doesn't seem like a wise move, as you may be hitting an uptrend.
I suppose you could wait until the market ranges up to hit your buy target, but at that point you've already missed 100 pips or more of uptrend action.
My gut tells me you would place a Sell Market Order at its current price and place your SL as per usual, then trade as you normally would from there.
Thoughts?