Looking for an official answer to this queation....
How long is a pending order valid after the signal is given? How many periods (candles) before the signal is no longer valid?
Thanks
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1 candle buddy. Another poster asked the question but I have it copied/pasted in my notes so I will paste it for you :
"1 If you get a signal to trade and insert your order spread plus 3 pips how long do you wait for the order to be taken, another hour or 2 or 3 hours?"
A: If the trade doesn't trigger by the completion of the next candle, I close the order; especially if PA is around the blue line still.
"2 You say your stop loss is the size of the candle Do you have a maximum stop loss as you could have an hourly candle 50 + size. Also if a candle is less than 5 pips your stop loss would be only 5+3+spread which doesn’t give much room for the trade to develop
Not a criticism but just a query"[/quote]
A: 2 things here. If you decide to place a buy or sell stop at the completion of a large candle, then you assume the risk of the trade. Calculate the potential pip loss (2% - 5%) and enter your lots accordingly. Once the trade triggers, let it progress naturally, especially if it moves against you. If it is meant to hit your stop loss - so be it.
2. When PA candles are small but signal a trade is coming, I generally won't use the rule for stop loss placement. I'll use the closest fractal high or low as my initial stop - the high / low of that fractal candle +- 3 pips. Entering a stop at the high/low of a small candle places the initial stop too tightly and does not allow the trade (or price) room to breath
nice trading. i locked in 50 as well, closed 3/4, will let 1/4 run.
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Good job to you also.
The usd/chf looked like a good buy on the M15 but after looking further I am going to ride the trend with this one. So will be waiting to go short. I may be wrong but its what I see and I rather be wrong going with the trend than against it. Would of made a boo boo if I got in that trade from the looks right now.
1 candle buddy. Another poster asked the question but I have it copied/pasted in my notes so I will paste it for you :
"1 If you get a signal to trade and insert your order spread plus 3 pips how long do you wait for the order to be taken, another hour or 2 or 3 hours?"
A: If the trade doesn't trigger by the completion of the next candle, I close the order; especially if PA is around the blue line still.
"2 You say your stop loss is the size of the candle Do you have a maximum stop loss as you could have an hourly candle 50 + size. Also...
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Appreciate the feedback and I did see this post, however if you look back at Post #71 on page 5 posted by Colostarr, the trading example he presents in the pic shows him placing a pending order and the pending order executing five candles later. He then closed it out on the same candle for a 22 pip gain. That's why I question the one candle limit on pending orders.
Appreciate the feedback and I did see this post, however if you look back at Post #71 on page 5 posted by Colostarr, the trading example he presents in the pic shows him placing a pending order and the pending order executing five candles later. He then closed it out on the same candle for a 22 pip gain. That's why I question the one candle limit on pending orders.
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Yes I saw the same thing and he does use the indies on his chart. So maybe thats why he saw it but from the looks of it only 3 candles later but I still get what you are saying.
He has experience so he may see things that keep him in. Personally i have been allowing myself to stay in longer than 1 candle but it depends on what I see at the moment. He likely made the rules that way so its easy for anyone to pickup and gives you a high percentage trade. Thats why he says close after 1 candle. I can't answer for him, he will have to but I am almost sure he said that for high percentage trades while the others are riskier.
My general rule for staying with a signal candle is one to two bars. If it hasn't triggered by then, I usually delete it. The example given, not exactly sure but I did have one signal that I placed last week, but forgot about it. When it did trigger, I was fortunate enough to have it go to positive pips for me.
There is no hard and fast rule with regard to how long you should leave your signals up. Every trader is different, if the chart is showing signs that it won't come back to your trigger signal, wait one or two candles and delete it. If it looks like it may come back, then leave it.
If price has moved too far away from the original signal, then I usually delete it and wait for the next signal.
Just keep in mind the rules for entry. YOU are the Blue line. If price moves away from you, you take no action. If price come back to you (my personal favorite!), then you take action.
Sorry for the vague response, but take is ultimately no 2 traders are alike!
Yes I saw the same thing and he does use the indies on his chart. So maybe thats why he saw it but from the looks of it only 3 candles later but I still get what you are saying.
He has experience so he may see things that keep him in. Personally i have been allowing myself to stay in longer than 1 candle but it depends on what I see at the moment. He likely made the rules that way so its easy for anyone to pickup and gives you a high percentage trade. Thats why he says close after 1 candle. I can't answer for him, he will have to but I am almost...
Eur/jpy and usd/chf are around the blue line setup.
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I took the Eur/Jpy. Its just hanging around where I got into it. I dont like the usd/chf. Its sideways so passing on that one.
Keep your eye on on the Eur/Usd and Eur/Chf. Might get a bounce or a cross. I am on the H1. Missed some on the M15 so gonna ride it with H1 for the night with yall.
I made a mistake. I sure hope it does not come back to haunt me. I was up 10 pips on the Eur/Jpy and did not move my stop to B/E. Now I am in the hole. Hopefully it rebounds but damn I should of moved it especially with the yen. That was dumb. Here is a screen shot of my mistake.
I made a mistake. I sure hope it does not come back to haunt me. I was up 10 pips on the Eur/Jpy and did not move my stop to B/E. Now I am in the hole. Hopefully it rebounds but damn I should of moved it especially with the yen. That was dumb. Here is a screen shot of my mistake.
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Curious as to why you entered before close confirmation above the 50ema? I though that the 50ema served to prevent head fakes such as what appears to be happening here with your trade?
