Live Student Trade – Second Entry Long
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This was a live trade taken by a student. He entered this trade after the trigger using a limit order allowing him a more conservative entry point. There is no issue entering on a limit order, although I normally suggest you enter on a buy/sell stop order. Entering on a limit order will often times result in a miss on the best moves, as prices will not always back up and fill your order.
This was a very nice trade all the same, so great read and a good entry by this trader. This was a fast $1,000.00 trade.
Comments
Destin May 10, 2021 at
I’m confused why that was a good 2el? his trend broke, would that be a spot where you would want to be sitting on the sidelines because the trend was brok?
Mack May 10, 2021 at
It is a 2nd entry long, with the trend at a spot you would expect the correction to end and prices push to retest the highs again. Text book entry really.
2ndMortgage May 11, 2021 at
You might need to read the manual again if you haven’t.. 2nd entry long after a trend break to retest the highs.
hclanham2 May 13, 2021 at
Am I correct to say his entry was about 3 ticks too low? It looks like it is right at the top of the body of the swing candle, and not a tick above the upper tail.
Mack May 13, 2021 at
He waited on the trade to trigger first, then placed a limit order trying to get a better entry price. This is a good strategy in some cases, but I normally recommend you enter on a buy stop one tick above the signal bar, as you will miss a lot of good trades trying to be conservative. Sometimes a trade may trigger too quickly and you may have no other choice than to use a limit order, but just understand the more conservative you try to be with a better entry price, the greater the chance you may miss a trade. So he didn’t really enter 3 ticks too low… he actually got a 3 tick better entry prices by being creative with his entry.