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.

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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?

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    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.

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    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.

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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.

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    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.

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