Does this happened to you?

ravidp

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have you missed good trades that you wanted to make just because you weren't in fornt of the trading platform?

I mean, that when you recognize a pattern being built, you have to wait untill it will be fulfilled right? but you can't be all the time in front of the trading platform and in front of all the currencies...

Do you have this problem?
 

ravidp

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Pending orders are indeed handy.
But they have a very limited functionality - triggered by a price.

Do you sometimes need to have a pending order based on a resistance line? or a combination of indicators values?
 

PaladinFX

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Yeah, quite often. That's where pending orders come handy.

Yep.


Even better, OCOs and OTOs et cetera.

Those 'exotic' order types open a whole new range of manual trading possibilities for people who don't enjoy sitting and staring at charts for sixteen hours a day, hehe.


Cheers,
P.
 

ravidp

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Pending orders are good, but they are very limited to a specific price.

Do you feel that you need more complex pending orders? for example "buy when last quote cross a resistance line"

PaladinFX, do you use OTOs and OCOs ? how?
 

PaladinFX

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Pending orders are good, but they are very limited to a specific price.

lol, yah ... that's the idea: entering and exiting at pre-defined levels.


Do you feel that you need more complex pending orders? for example "buy when last quote cross a resistance line"

No need for that: just specify the price at which you've located the support or resistance.


PaladinFX, do you use OTOs and OCOs? how?

Yes, I do.
Are you asking about the function of an OCO/OTO, or about a specific situation in which they come in handy?


Cheers,
P.
 

ravidp

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Hi P,

what about a resistance line that is not horizontal? like a tunnel for example?
OCO and OTO still don't cope with that. correct me if i'm wrong.

Thanks mate
Ravid
 

PaladinFX

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Hi P, what about a resistance line that is not horizontal? like a tunnel for example? OCO and OTO still don't cope with that. correct me if i'm wrong.

A non-horizontal line is not a support or resistance, but rather a trendline. :)

I know that many educators call trendlines 'extensions' or 'special types' of S and R lines, but I personally don't agree with this view, because support and resistance imply a stop of price movement (rather like a wall, though it can be breached if enough momentum exists), whereas a trend implies price movement, which we all desire to be decisive and long-lasting.

S&R are being used to define entries and exits, trendlines determine the direction of a trade or give us a reason to trade at all, respectively.

In regard of your specific question about the use of OCOs and OTOs: No order type will cope with trendlines, since an entry/exit always needs a precise price value. As mentioned above, trendlines aren't suitable for that.

The idea behind pending orders and the 'exotic' order types is
a) being able to trade without being glued to the screen 24/5 and
b) being able to execute an entry/exit at a precise price level (which in fast-moving markets isn't always possible, since typing in prices costs valuable seconds).

A frequent application of an OCO is the formation of a triangle (doesn't matter which type) on the chart: one knows that a breakout is highly probable, but the direction is often unclear.
One therefore places entry orders above the slope of the lower highs and below the slope of the higher lows. Since one already knows that the price is going to break out, one can just hitch a ride in whatever direction the market moves. Once price moves, one of the two orders will be triggered and the other one will automatically be cancelled without the need to be present to manually cancel a pending order (and it must be cancelled, or you might find yourself hedging without wanting to).

OTOs come in handy as well, but usually require a more elaborate scenario, which I'm too lazy to type up just now. :D


Cheers,
P.
 

Enivid

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Hi P,

what about a resistance line that is not horizontal? like a tunnel for example?
OCO and OTO still don't cope with that. correct me if i'm wrong.

Thanks mate
Ravid
I often deal with trading chart patterns that have sloping trendlines. If the timeframe is high enough (daily or weekly), it is not a big problem to adjust the pending orders.

If the timeframe is small (H4 or lower) things get complicated. I am still looking for an expert advisors that would allow setting pending orders that adjust themselves according to some given trendline.
 

PaladinFX

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Hmmm, I'm not a skilled coder, but implementing that doesn't sound too difficult for somebody who knows his MQL4.

Have you checked the 'Jobs' Section of the MQL4 Community Forum yet?
Custom-made EAs/Indicators/Scripts are to be had at quite reasonable prices there.


Cheers,
P.
 

hayseed

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support/resistance

not sure why support or resistance would necessarily have to be horizontal.....

many feel large ma's , such as 200, and channels to represent support/resistance..... some even feel time itself can be s/r.....

different schools of thought i guess.....

//-----

ObjectGetValueByShift() is what i use to slide pending orders up or down any named shape..... same goes for trailing stops or leading profit targets.......h
 

PaladinFX

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lol ..many seem to feel many weird things in forex.

Which is why there are few really profitable retail traders.


P.
 

tradersam

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This problem was quite often with me. I thought if i was in with this trade, my account balance roar like that much. Always dream and after every losing trade thought oops if i reversed that trade my account balance jump like this. And it's called day ........ DAY DREAMING. :D
 

Fxpipper

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Yes, everyone has those moments when you missed out on all the action - not much you can do about it but just move on. And on EA's, just remember, even the best ea out there may not work perfectly all the time..
And of course if you do know how the market is going to move, you can set up orders ahead but as enivid pointed out, it's rarely that easy and so far, no one can do the Nostradamus jig with the currency market..
 

Adam FX

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That`s something what all traders experience at some point. I have had many of those. At the beginning it was so frustrating. *You wait for the setup whole moring and then grab a bite to eat and then signal forms lol* Right now I am also trading with EA`s (superscalper and forexgoldmachine) and of course manually :)
 
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There is no need to miss out on as much of the action anymore though, with the variety of web platforms and phone apps that are becoming available. There are more opportunities now than ever to plug into a trade when away from your desk.