Does anyone know about or has anyone tried any form of trailing entry system?
Think similar to a regular trailing stop which follows price by a set number of pips and moves your SL accordingly.
I'm thinking of applying the technique to perform an entry in the same way.
For example, let's say you want to open a buy on a particular pair and might wait for a good entry set up on a lower time frame chart before pulling the trigger.
My thought is that this could be accomplished by trailing price in the opposite direction (following price down in this example) until price resumes the original long direction. At this point it will trigger a buy order as it crosses your trailing entry price.
Does anyone have any experience, comments, thoughts please?
Anyone already coded it?
What issues did it raise if any?
I know about limit orders, this idea is not a limit order, it needs the trailing pips to allow some degree of buffering in price movement which a limit order does not.
Regards, Paul.
Think similar to a regular trailing stop which follows price by a set number of pips and moves your SL accordingly.
I'm thinking of applying the technique to perform an entry in the same way.
For example, let's say you want to open a buy on a particular pair and might wait for a good entry set up on a lower time frame chart before pulling the trigger.
My thought is that this could be accomplished by trailing price in the opposite direction (following price down in this example) until price resumes the original long direction. At this point it will trigger a buy order as it crosses your trailing entry price.
Does anyone have any experience, comments, thoughts please?
Anyone already coded it?
What issues did it raise if any?
I know about limit orders, this idea is not a limit order, it needs the trailing pips to allow some degree of buffering in price movement which a limit order does not.
Regards, Paul.
