While I'm on the subject of order placement here is another 'idea' that I've 'come up with' that MAY keep you out of bad trades i.e. orders getting executed and then the price immediately retraces on you and you end up (possibly) having to stop and reverse at a loss (for the Swing Index System):
Instead of placing your order immediately on the close WAIT for the price to TEST this level first. Wait for it to retrace for a bit and THEN place your order. This of course DOES have the drawback that your order price is hit and the price just continues to 'steam roll' it's way straight in your direction without stopping. Having said that: I'm seeing more and more often that when an order is 'bad' the price hits the order and immediately retraces and changes direction i.e. it does not hit the order, retrace, come back to the order price, and then retrace again. Basically from what I have been seeing very often in the past two or three days is that the order price gets tested and if the price then retraces it will either keep on going in the opposite direction OR if it gets back to your order price it then just keeps on going in your favour. Like I said: could be a 'double edged sword' i.e. you COULD very well miss a good trade BUT it sure looks like this little 'manoeuvre' will keep you out of a lot of 'false starts' as it were. Just a suggestion.
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