I appreciate the response. Thank you.
It is my understanding that for a given account size and risk%, that the dollars per pip in reward is higher for a smaller SL than for a larger one because the lot size is larger for the same dollars of risk. And if one subscribes to a 1.5 TP level, then the number of pips to reach the TP is fewer. Our dollars risked remains constant with these givens regardless of the distance of the SL. I understand a smaller SL may get stopped out more frequently of course.
I don’t typically find continuation candle formations that suggest a 5 pip SL. My question really was one of curiosity as to why I could not sometimes set the SL that close if I wanted to, wise or not. I suppose your reply that my order needs to be filled first may be the reason preventing my SL being set. I use Instant Execution so I’m surprised that I need to wait to be filled (assuming my order is within the bounds that my account size can support). Perhaps it is that important circumstance that I needed clarified.