Applying a mechanical system to a live market… in backtests I enter trades on candle close price. In a live market setting a limit order at candle close won’t always get filled. For example it’s possible that a clean break would not get filled.
Do traders typically enter at market and then set SL and TP after? or do you just miss trades when price doesn’t come back to their limit order?
I usually use stop orders for entries so that if I see an opportunity to enter long, price has to actually rise before my order is triggered. If price doesn’t rise my order is not triggered and I can either cancel it or lower it to a new lower entry price.
Thanks tommor, can you give an example?
Using limit buy orders I’m going to miss trades where there is a clean break after candle close but with market orders I may get in at significantly worse price.
For example in an uptrend, wait for a day with a lower high and lower low and set a buy stop order just above the day’s high. The stop-loss could for example be rationally set just below the day’s low,