Hello everyone.
Im curious to see where everyone puts there entries points. for example say you were to buy in the market do you usually put it below the current spot on the market hoping that the market will drop a few pips to gain extra profit or above the current spot on the market so theirs more of a confirmation that the market is going up. and this goes for selling to but visa versa. Ive been kinda of counfused on what the right thing is to do??? and gaining a few extra pips is always a good thing…i think
Think you’ll find its a case of horses for courses my friend. One thing but most (IMO) will agree on, chasing those extra pips will lead to nothing but pain.
ok cool i always find my self moving the entry points trying to get in at the best time but most of the time if i would of kept it where it was i would of done alot better in the amount of pips gained.
I try to set entry points close to inflection points, such as support/resistance, Fibs, and trend lines. Of course I do take market entries every now and then, especially when a particular news event pushes a pair strongly in a single direction. If you’re worried about missing price action but at the same time mindful of pips you’re missing out on, you could opt to scale in.
Hi Krash,
What is the general behavior of the market you’re trading? How much “get up and go” does it have?
Think about it this way . . . The market is in a strong uptrend and then there’s a pullback, which you decide to buy. Do you place a buy stop at the prior high so that a re-confirmation of the uptrend and a rally out of the pullback is required to take you into the trade? Or do you try and buy into the lows of the pullback itself, using a buy limit?
The answer depends on how you think the market will behave after you’ve entered.
When there’s a pullback, does the market often just take out the prior high and then not get much further? In this case, you’d probably want to enter with a buy limit (and look to exit somewhere around the prior high, as you know that the probability of a breakout from that point is low). Or does the market normally breakout from the prior highs and keep on going? In that case, a buy stop at the high should take you into a profitable trade. If you’re looking to get on board a longer term rally and you’re just using the pullback as a low risk, small stop entry point for a profit target many multiples of this, then asking price to confirm its intention by taking you into the trade on a stop order is perhaps the right thing to do.
Hope that helps,
Nick
ok cool. I try to get in on the minor retracments if there are happening. And i appreciate the responses
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