Hello, i am willing to discuss the best ways how to open (and close) a position. In one of my methods (probably goes under scalping) I have a good idea around where the market will turn around, however I can’t tell it exactly within a pip in advance. As it is quite short term, stop loss is tight and spread+commission is somewhat big % part of sl+tp, so… i am looking for great accuracy.
Lets assume there is a short pip interval, say 3-10pips, in which i predict that price will enter, move, stop and then go back in opposite direction. I would be willing to enter when it stops. That was my short introduction, i hope there is someone with some good advices.
One way to look at it would be market execution, however i am afraid of slippage, also setting stop losses and tp is not that convenient.
Pending orders makes you guess where the market will decide to stop. This probably has least chance of slippage, but lacks flexibility
One click trading. I see that some brokers provide the so called One Click Trading expert advisor… i wonder if execution speed/slippage is lowr when using this or any EA in general.
It has some useful advantages though:
+) can set sl and tp in pips, not price;
+) takes into account maxinam slippage
+) allows to specify percentage of account equiy to risk at trade (knowing what the spread is)
I think i described my concerns quite well, hope to see some feedback.
Thank you and good luck.
Regarding your concerns, you may want to look at limit orders. They will be filled when the rate goes below the entry target (for buy trades), so you will not have slippage. However, your orders may not be filled or partial filled. That is the set-back. This can happen when your price is met but the rate goes right through it and doesn’t return. So more control over slippage, but a change of not entering your trade.
You have to find out how important it is for your system that all orders are filled.
i seem to enter positions 10-15 pips too early. if i was more patient I’de make more pips every day i trade.
i look for 100+ pip swings in the yen, aud and pound
Well, if that is not an option… The only thing I can think of is to wait until it hit the price and get in when it ticks below that again. Is it possible with your broker to change the SL to within two pis after you placed the order?
I think this calls for a little script, if you are not alrady automated. The script can, when the trade is placed, directly move the SL to where you want. Or you can set a SL in your script at which moment it will close the order, you will not have to deal with the broker restrictions, but you may lose a tick as the order needs to be processed.
It certainly is a possibility, but it is not perfect…
With market execution no sl/tp can be placed, only with pending orders…
One clikc trading is pretty much what you described as script… but i am not sure i want to sit 10 minutes with my noise in screen waiting for the right moment to click…plus you may get a bad fill or miss.
No, not that script… Do you work with MT4? If so, lurk around on mql4.com. You are probably not the only one that was looking for such a script.
I mean a script with which you can set your price target, by placing a line on it. The script will wait when hit and than waits until the price returns and place the order according your specifications. It is not a difficult script, and you don’t need to be behind the screen.
Do you work with MT4? If so, lurk around on