CL Redux
- Thread starter schizo
- Start date
I think it was "truck the fend."
Don, LMAO! Seriously! I had just closed my 3rd scratch in a row, long, short, long in that Blah formation, really felt that one of 2 measured move targets was in play, 109.42 and 109.72, but had an appt to go to. The next long I would've tried was the no-heat clean breakout!
Can't say I didn't give ample notice of my departure!
I've a question about the "market if touched" order, because I've been trying a lot of anticipatory limit trades and often price hits my level but I don't get filled (damned bots!)
How does that type of order work, is it if the bid or ask is touched or does someone actually have to transact a trade at that price, then your order becomes a market order?
Can't say I didn't give ample notice of my departure!
I've a question about the "market if touched" order, because I've been trying a lot of anticipatory limit trades and often price hits my level but I don't get filled (damned bots!)
How does that type of order work, is it if the bid or ask is touched or does someone actually have to transact a trade at that price, then your order becomes a market order?
Same here--it just got its fifth touch on the one minute.
One thing I've noticed as well is that sometimes these TL's can shift a bit. For me the breakout hasn't really developed yet, and the TL is starting to flatten. I will adjust the TL as we go at times. I guess that's the nuance part of it, but if you stare at it long enough you get a feel. Looks like it's trying to make a move now...
Not a lot of gas yet... I scaled one out to lower risk and my stop is at 55's.
Nod, a market-if-touched buy order works exactly as a buy stop with the difference that you can place the order <i>below</i> the market. Thus, the ask/bid has no relevance, the bid could be 10 ticks below your price, but if it doesn't trade, the market order won't be triggered.
Keep in mind that in practice it's basically the equivalent of placing a limit order a couple of ticks higher (for buys), particularly in "thin/elongated (with large ranges in ticks)" markets. So if your current levels are being touched to the tick, it will make a difference, but you might as well add a tick or two [to your original limit order].
Edit: also, a limit-if-touched is the same as a stop-limit.