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I would like to get a feel on how other traders enter their bread and butter trade.
I have been stuck with one type of entry for quite a while and am looking to expand my repertoire.
So my trade is find consolidation. It can be at an SR level for a reversal or during a trend.
I wait for an "edge" to form in both candles and Volume profile.
I place a limit order at the edge opposite of the trade direction and wait to be filled.
This leaves a tight stop and the opportunity to scalp the channel range after the initial order is filled .
If I am not sure of direction, I simply ping pong both edges - in, until a BO occurs , them place a limit order
at old SR and wait for the classic "stair step" PB pattern that will signal structure.
In any situation, I am waiting for price to come back to me.
I'm am looking for momentum entry methods or any other .
Grazie for any assistance in helping me grow
AJ
Nashville, Tennessee
"Life On The Edge of SR"
Can you help answer these questions from other members on NexusFi?
To analyse what I feel are the important levels (I do that with simple analysis of support and resistance nothing too fancy) and look for a reaction and trade with the market. Easier said than done, but i'm getting there.
What I am looking for is how you actually enter the trade.
When you "trade with the market" , do you buy at the bid or sell at the ask , just hit Market Enter or use
limit orders for a bit of a retest or a stop order to jump in front ...
That is the dilemma I am facing. I always feel that when I recognize a favorable PA , I need to get a good price.
... so this always involves a PB to a limit order
I used to enter w/ "blind" limit orders as well in the past. It gives an enormous advantage in terms of stops and how much of the move you can catch. However multiple reasons caused me to change it:
1) You just can not know IF the market reacts at that level - if it bursts right through, what happens occasionally, you're toast.
2) that leaves the door wide wide open for mental flaws such as reentering lower (higher) with another limit order, adding to losing trades on multiple layers of S/R etc - wiped out my first account that way
3) You frequently miss moves [I missed them at least^^] because of price reversing a tick short of your limit order. That really pissed me of
I now enter after price has reversed on my desired spot, giving me some advantages:
# I have a definite place to put my stop at
# I enter with the direction of the momentum (and trend, usually)
# I have great odds of getting my fill for a ticket on the train
# I always know when I'm wrong reducing the mental stress and reducing the danger of going rampage
Of course I let some ticks on the table and possibly cant trade tight ranges due to R:R but overall I think I prefer this version. Maybe, when I'm more seasoned as a trader I will go back and mix the good 'ol limit order into my repertoire as well . Time will tell
P.S.: Don't see it as "jumping on" - rather see it as "entering a confirmed signal" maybe that helps.
I tend to accept a worse entry price than I should to be able to get into the market, so more at market as I am more looking for reactions happening now in the market rather than trying to anticipate what may happen. So aggressively trading on entry but then being more precise and critical with my exits looking for exact executions, personally I think trying to exert too much precision on both sides doesn't work for me. Hope that is more clear...
No, I don't like to get slipped as I just scalp it - I go for either a stop limit order or buy bid / sell ask, which is a limit order at mkt price basically.
Don't get filled always but then again I try to say to myself: "A trade not taken equals risk avoided - either entering my way or not entering at all"