Order Entry

[radar]

When trading EOD, is it better to enter a new position using a Market on Open order on the day after the colored reversal bar or using a limit price based on the close of the colored reversal bar ?

Thanks,
Ben

[Steve Griffiths]

When trading EOD, is it better to enter a new position using a Market on Open order on the day after the colored reversal bar or using a limit price based on the close of the colored reversal bar ?

Thanks,
Ben

Hi Ben,

No, we use stop Orders 1 tick beyond the Price extremes (high or low) of the colored reversal bars for trade entry, not the close.

You can use Stop limit orders if you wish to restrict slippage on gap openings the next day if you wish....

Thanks

Steve

[radar]

Steve,

It's been a while since I read the manuals and I need to review the training manual sections on trade management and stop placement. Can you please tell me where these topics are covered in the training manual?

Thanks,
Ben