Quote:
Originally Posted by phil838
You almost got it! Your thought process about the time is correct but your time zone calculations are off by 1 hour. I'm in Arkansas and my IBFX Sunday candle closes at 7pm, so you should be two hours behind me and have it close at 5pm.
Correct, except you don't automatically cancel the other order. Sometime one trade will be hit and end up reversing and getting stopped out, and then the other trade will trigger and end up being a winner. But then again, sometimes both trades will end up getting stopped out. 
I only cancel the second trade if the first one goes up a significant amount. People keep asking what that amount is, and I really need to figure out an exact number for it, but to tell the true I just judge it on a case-by-case basis. Here's how I explained it to Mumpips earlier this week... |
Thank you for the correction. I just looked at the weekly ATR now and it is showing as 0.0510. It means I should be considering 255 as Profit target.
I understand that Weekly ATR on Sunday will be differrent than what I see now.
Enjoy your vacation..