I suppose, you mean Buy Stop Limit order? Why would you need to set a postponed order to sell eurusd below the market price? Why not open a market order instead?
One more question, please. So I can apply a trading method that suggests setting two orders in different directions before important news? Like follow the trend wherever the price goes, right?
Thatâs exactly the advantage of additional types of postponed orders in cTrader. Of course you can set a buy stop limit order within the same range if you want to use a mean reversal trading strategy (or buy-dips approach). But at the same time, you can use the breakthrough method that is based on a continuation after breaching an important support level (in this case). The key idea here is that you can operate not only with exact entry points (that are impossible to predict) but price ranges, which opens you more opportunities to get profits.
Yeah, thatâs the reason why you should set postponed orders in general. cTrader developers offer a wider choice for postponed orders as operating with ranges is easier than calculating an exact entry price. Of course, those ranges should make sense. Like if you hope for a rally to go 20 pips, there would not be any sense to set stop limit order in the range of 15 pips, wouldnât it? These options allow you to plan trades and itâs always better to have a smaller profit rather than a missed chance to enter the market. Itâs also worth setting expiration time for postponed orders, especially stop limit orders.
Do you guys think that market depth reflects the overall trading volume of the foreign exchange market? Do you have any additional tools to measure it?
Look, the market depth window is just a reflection of trades inside your brokerage, as far as I understand. The foreign exchange market is so huge⌠I mean there are also real-money accounts and big money players that do not need brokers to get access to the liquidity. I doubt that cTrader can reflect all of those operations in market depth.
Market depth is an indicative tool only. It really shows an approximate relation of supply and demand around the current market price. But I use additional tools to see the trading volume. Besides the volume indicator itself, cTrader also has many indicators to show the momentum. For example, I like the Standard deviation. Itâs used in many different formulas of indicators, Bollinger bands, for instance. If the standard deviation widens, then the demand or supply gains a faster pace, so the trend accelerates.
Can anyone suggest any broker who offers ctrader? I want to give it a try.
The full list of the featured brokers that offer ctrader can be found at ctrader official website.
As far as I see, the Standard Deviation indicator reflects volatility. Any recommendations about additional indicators to define the trend direction and its strength?
Well, youâre right. Any trend indicator would be good to use together with SD. But I prefer MACD and RSI, although the signals are quite rare. You can also try Ichimoku cloud together with ADX and DI. Thatâs a powerful combination for pairs with Japanese yen.
I think Standard Deviation is not just a volatility indicator. It points out the market momentum, which is related to volatility, but does not mean that the price should hover in a tight range. So you can combine Standard Deviation with Bollinger Bands to apply the breakthrough trading strategy.