Hi guys, i am hoping someone experienced could give me some advice regarding my trade entries...
Background: betting on trending FTSE350 instruments, highlighted through the use of ADX.
Looking for a entry after a 2 or 3 day pullback from a recent 3 month low.
Looking to keep short/medium term (1-3 days)
Now this should have in theory been working well for me, most of my choices have gone the way I thought but this has not been converted into hard cash, potentially for the reasons below:
1) Setting up a limit order after days trading for the following morning. Theory being I can put it around the previous days low, so if it crosses this it can be considered a decent short and the bet triggers.
HOWEVER, 3 times now the price has spiked massivly on opening, missing my order by miles and it gets opened MILES below where I had intended, then regains so that by 8 15 I am 30 down, when my original stop loss had only been for a maximum loss of 10.
This has meant I am having to close out losses of 30 ish to prevent further annihalation and struggled to make much once triggered, gaining 5 or maybe less. Obviously this should be the other way round, cutting losses early and letting the profit roll etc. but it isnt working this way.
WHat to do? Open after an hour or so? Then I may have missed the main loss of the day and it may stagnate? Blame it on volatile markets, wait a week or two and continue with the limit order? Or work a day in advance so to speak, and play for the next mornings spike?
Thanks
Background: betting on trending FTSE350 instruments, highlighted through the use of ADX.
Looking for a entry after a 2 or 3 day pullback from a recent 3 month low.
Looking to keep short/medium term (1-3 days)
Now this should have in theory been working well for me, most of my choices have gone the way I thought but this has not been converted into hard cash, potentially for the reasons below:
1) Setting up a limit order after days trading for the following morning. Theory being I can put it around the previous days low, so if it crosses this it can be considered a decent short and the bet triggers.
HOWEVER, 3 times now the price has spiked massivly on opening, missing my order by miles and it gets opened MILES below where I had intended, then regains so that by 8 15 I am 30 down, when my original stop loss had only been for a maximum loss of 10.
This has meant I am having to close out losses of 30 ish to prevent further annihalation and struggled to make much once triggered, gaining 5 or maybe less. Obviously this should be the other way round, cutting losses early and letting the profit roll etc. but it isnt working this way.
WHat to do? Open after an hour or so? Then I may have missed the main loss of the day and it may stagnate? Blame it on volatile markets, wait a week or two and continue with the limit order? Or work a day in advance so to speak, and play for the next mornings spike?
Thanks