Quote:
Originally Posted by dobro
In commodities this type of future orders is called a straddle but I believe forex considers it a hedge and this is being banned by the NFA. Am I correct on this? I suppose one could just note or draw lines at the 10 pip above and below and enter an order when one is hit, assuming one is not sleeping at the time. Maybe an audible alert could be used for this.
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Ryudox is right, it's not a hedge because the long and short orders are not open at the same time. Long and short pending limit orders on a straddle are still ok, as long as one trade closes before the other opens.
What I do is after the Sunday candle closes I set limit orders for the two entries. Then I put alarms on my charts that go off at 2x profit so I can change my stoploss, and also about 20 pips before my TP so I can watch the trade and maybe get from extra pips if price action is good.