Let’s say i am long on a pair. I will usually do a buy limit and it’s the same with a sell i will do a sell limit and you guys should know what that means.
I was thinking do you think i have missed out on my chances to make more money since a buy limit means price is above the entry shouldn’t i try to sell the present price and then attempt to buy once it has gone down?
Do you think i wasted my chances.
Let’s assume a certain pair is say on 1.62. If i were to enter the trade say on a buy i would put a buy at maybe 1.61 and when price falls down it hits my target and goes up which is known as a retracement do you think i should have instead put in a sell at maybe around 1.62 and tp around the 1.61 region?
Lets clear a few things up to begin with. When you talk about buy and sell limit orders what you are saying is that if you want to enter at say 1.62 price you would first set your limit order to a few pips below that so as price comes traveling up into your entry order the limit order is triggered and it gives the broker a chance to attempt to fill you in at the desired entry of 1.62. That is different than a market order which is you just jumping in at the market price that is currently being traded. The more important question you should be asking yourself is how come your trying to sell into strength? After all you are considering going long with a buy correct? You also need to focus more on your strategy before you even place a limit order so in hindsight you would have just been trading the plan instead of planing a trade in the heat of the moment in which price action can do whatever it wants.