Hello , i mostly trade intraday and Swing setups. I am from Europe and my the biggest problem in my strategy is midningt because in my tíme its starts at 23:00 to 00:00 and am usually sleeping at this time and do no sets Up SL because of midnight spread but its sometimes double-edge sword , i cant control risk and i do not want to wake Up ar 1 AM in the mornimg to set Up a SL . SO is there some way to set a SL ať soecific time ? Like after midnight spread or at 1 AM .
My question is "Why don’t you set SL when you made your entries?"
he has explained this, just above: the spreads widen hugely at midnight, which is after he opens his trades and before he wants his tighter stop-loss to work
it’s a good question, too (i don’t know an answer, sorry!)
He said “he do not set up SL because of midnight spreads” which comes after market closure. I think his question now is if there’s a time to set a SL without being a victim of the spread, that’s if am right.
I do but sometimes , when market is closer to my Sl , midnight spread will close me out if positions unnecessary, this is from my personal experience, thats why i want to know if there is some order or anything like that , which will help me to automat it.
you can use EA to do it for you
I dó not know the best answer to give you, but i think you should work more on your SL, you might be placing it too tight; and if you’re not making it too tight, revisit your strategy.
Am I missing something here? Where do you reside?
Why your strategy has to open a trade in the middle of the night? When even the larger players who actually can move the market is not around? What kind of strategy is that? Isn’t that…illogical to begin with?
Whats EA ?
Iam using my own strategy SMC/ trend Following i do not enter ať midnight iam just asking if there is some way to place SL order in the market for me , i will do it on my own if there is nothing i cando about it
Iam from Slovakia
Iam Happy with my strategy , i like it, i just want to make things easier for me, not to wake up at 1 AM to set SL.will be good start
That’s fine. But know this, if your strategy should give you an entry, then it should give you your exit; check your strategy and look for areas you wont get victimized of the night spread.
And if i may ask, what pair do you trade?
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Only about 2 people on here understand what you’re asking, which should give you an idea of the level of advice typically given in here.
An EA is an automated piece of software you can run that would be able to do things at a specific time. You could add a fixed amount to the SL during the last hour to move it away from the spread, or you could measure the spread and increase it by that amount. It’s really simple either way, but you need to understand coding. A 3rd party company would do this for a fee if you can’t do it yourself (it’s really quite easy).
The downside to measuring the spread and moving it is that the market closes for a couple of minutes at the change of day. And if the spread jumps on open, you’ll be stopped out without the chance to move it.
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Thank you i will look for it
Right, I am nearer to getting it now. Are you are placing swing trades with a S/L during the Euro/London and maybe the NY session. Is that correct?
I believe he’s trying to do this during the 1 hour gap after NY closed - Asia open. During the dead hour.
Which is nonsensible.
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Is the solution to not use a stop-loss?
I don’t think I’ve ever posted that before…