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  • #5,941
  • Mar 29, 2010 11:55am Mar 29, 2010 11:55am
Quoting Big1red9
Sorry... the one caveat is...

that I have no working order and if I have a position - it has to be in the opposite direction of the move.
Thats ok it looks like it is not quite ready to take the plunge just yet.

--NM
  • #5,942
  • Mar 29, 2010 12:00pm Mar 29, 2010 12:00pm
Quoting Big1red9
On the topic of orders....

Do people make use of stops and or limit orders?

Thanks
BR
I do not use them, but I do know of some that do, and even in this case it should work, I know where my entry is going to be and I could place an order at that level, I just cannot place a stop at the same time so i dont use them.

--NM
  • #5,943
  • Mar 29, 2010 12:07pm Mar 29, 2010 12:07pm
I do limit orders a lot as my working hours are long , and to be honest I find them much better than watching charts and trading live, I just cant resist trading live on my day off that's all
  • #5,944
  • Mar 29, 2010 12:08pm Mar 29, 2010 12:08pm
At a broker in the past, I placed a sell order for the position and a buy order to replace the stop. - They would allow 2 seperate trades to be entered at the same time.

A FIFO account, I am pretty sure would take out the open position - as they do not allow hedging.

Quoting NightMoves
I do not use them, but I do know of some that do, and even in this case it should work, I know where my entry is going to be and I could place an order at that level, I just cannot place a stop at the same time so i dont use them.

--NM
  • #5,945
  • Mar 29, 2010 12:11pm Mar 29, 2010 12:11pm
Quoting Big1red9
At a broker in the past, I placed a sell order for the position and a buy order to replace the stop. - They would allow 2 seperate trades to be entered at the same time.

A FIFO account, I am pretty sure would take out the open position - as they do not allow hedging.
Yes thats the problem, thats why I cannot place a stop at the same time I place the entry.

--NM
  • #5,946
  • Mar 29, 2010 12:13pm Mar 29, 2010 12:13pm
If the price is 100 and your selling at 99, how do you place a limit?

Is it a stop? or stop limit?

Ever miss a trade?

With my platform, I can use a stop, but not a stop limit. In reality it may not matter for most forex brokers call it a limit, but it is really a stop. It is not a fill at or better like in stocks. Its fill at market after price is touched. Your brokers legal stuff will explain how they view limits.


Thanks
BR

Quoting shahroor
I do limit orders a lot as my working are long , and to be honest I find them much better than watching charts and trading live, I just cant resist trading live on my day off that's all
  • #5,947
  • Mar 29, 2010 12:15pm Mar 29, 2010 12:15pm
But if you enter an order to short at 100 and another to buy at 110, the buy will be the stop... no?

Quoting NightMoves
Yes thats the problem, thats why I cannot place a stop at the same time I place the entry.

--NM
  • #5,948
  • Mar 29, 2010 12:20pm Mar 29, 2010 12:20pm
Quoting Big1red9
If the price is 100 and your selling at 99, how do you place a limit?

Is it a stop? or stop limit?

Ever miss a trade?

With my platform, I can use a stop, but not a stop limit. In reality it may not matter for most forex brokers call it a limit, but it is really a stop. It is not a fill at or better like in stocks. Its fill at market after price is touched. Your brokers legal stuff will explain how they view limits.


Thanks
BR
there is a sell stop, sell limit, Buy stop and buy limit which enables me to place orders in any direction.
they usually get filled accurately and I noticed that a lot of them get filled during the asian session
  • #5,949
  • Mar 29, 2010 12:23pm Mar 29, 2010 12:23pm
Quoting NightMoves
The EU setup got pummled in a hurry didnt it....hahahaha

--NM

EU is starting to look like a range breakout
  • #5,950
  • Mar 29, 2010 12:24pm Mar 29, 2010 12:24pm
Quoting Big1red9
But if you enter an order to short at 100 and another to buy at 110, the buy will be the stop... no?
No what will happen is my original short will be closed and now I will be long, so I have to link into an ECO for it to become a stop, then if I close the position down manually then I have to go in a remove the stop or it becomes a new order.

If I link them then it becomes a stop and takes me out if the linked entry order gets triggered.

--NM
  • #5,951
  • Mar 29, 2010 12:25pm Mar 29, 2010 12:25pm
Quoting NightMoves
If it gets into a range then I will stay out and treat it as a range breakout type of trade
hey bud what do you mean by this? wait for price to breakout and look for a retest of the s/r it busted?
  • #5,952
  • Mar 29, 2010 12:25pm Mar 29, 2010 12:25pm
Quoting Paulette
EU is starting to look like a range breakout
I see that, I was afraid it would get into a range and it is doing just that. So the original BPC is no longer valid imo and now I have to wait for a new one...

--NM
  • #5,953
  • Mar 29, 2010 12:25pm Mar 29, 2010 12:25pm
Lucky you!! I wish I had stop limits = sleep.

Quoting shahroor
there is a sell stop, sell limit, Buy stop and buy limit which enables me to place orders in any direction.
they usually get filled accurately and I noticed that a lot of them get filled during the asian session
  • #5,954
  • Mar 29, 2010 12:27pm Mar 29, 2010 12:27pm
Quoting frankkn
hey bud what do you mean by this? wait for price to breakout and look for a retest of the s/r it busted?
It is getting into a range now so I would need for it to break out of the range and then get a bpc near the breakout point, same formation just now it becomes a range breakout and the Counter TL has really been take out of the picture.

--NM
  • #5,955
  • Mar 29, 2010 12:31pm Mar 29, 2010 12:31pm
Nod

Quoting NightMoves
I see that, I was afraid it would get into a range and it is doing just that. So the original BPC is no longer valid imo and now I have to wait for a new one...

--NM
  • #5,956
  • Mar 29, 2010 12:34pm Mar 29, 2010 12:34pm
that is very interesting! thanks for sharing your knowledge.

how do you define the range in a situation like this? the high and the low of the day? since the london open? ny open?
  • #5,957
  • Mar 29, 2010 12:36pm Mar 29, 2010 12:36pm
or maybe one of these numbers
Attached Image
  • #5,958
  • Mar 29, 2010 12:38pm Mar 29, 2010 12:38pm
Also the preivous days high is now going to play a part in this because of the lack of momentum we are seeing. The green line would have been my entry but it never quite made it to that point so that will now get wiped off the chart.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Previous Days High.png Size: 21 KB
  • #5,959
  • Mar 29, 2010 12:40pm Mar 29, 2010 12:40pm
Quoting NightMoves
Also the preivous days high is now going to play a part in this because of the lack of momentum we are seeing. The green line would have been my entry but it never quite made it to that point so that will now get wiped off the chart.

--NM
that price also happens to be the 50% retrace of the last down move (the one that started at 1am wednesday on a 4h--2 wednesdays ago)
  • #5,960
  • Mar 29, 2010 12:44pm Mar 29, 2010 12:44pm
Quoting frankkn
that price also happens to be the 50% retrace of the last down move (the one that started at 1am wednesday on a 4h--2 wednesdays ago)
Yeh I know....always has to be something in the way....Hahahaha

--NM
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