I understand that you can trigger an order once price had reach or pass it’s price but could an order be place after a close price? Example if EURUSD current price is 1.16339 and I want to do a buy on 1.16500 but only the wick pass my initial price but did not close. Is there a way to place an order after a closed price?
Another example would be volatile events where price goes up down but did not close after x minutes.
Is there away to place this kind order?
Hi,
Hope you are doing well
When the last candle of the trading week closes at 5 pm New York time on Friday, trading stops, and all pending orders are held (unfilled) until Monday. This is the only time in the entire week when the closing of a candle affects pending orders.
Except for this one time at the end of the trading week, there is no pause in trading, or in the execution of pending orders, when one candle closes and the next candle opens.
Every candle on the chart, is simply an artificial division of time, created by traders to help them visualize price action. Candle charts, bar charts, and line charts are all graphical constructs which do not affect the trigger prices of pending orders.
Price triggers pending orders, and price does not conform to the opening and closing of candles.
Regarding your example:
If price is 1.16339 at the time you place your order to buy at 1.16500, then the wick you mentioned will trigger your entry. This happens before the candle closes, because after the candle closes, nothing else can happen on that candle.
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