Hi,
I want to put a Buy Stop 1-tick above the high of the 30-minute open
range.
Once entry, a lot of documentations use the low of the range as protective
stop [put a Sell Stop at 1-tick below the low of the 30-minute range]. But, I
want to use a 10-tick MM stop, which may be inside the 30-minute range.
For example, the 30-minute range is 1.3010 to 1.3050 [40 ticks
wide]. The buy stop is put at 1.3051. My stop will be at 1.3041 [10 ticks below
the entry] once entry.
I use 30-minute chart.
From the next 30-minute bar, the low is 1.3030, the high is
1.3090, close is 1.3080, open is 1.3045. I can see there is a heat of 20-tick [Last
high 1.3050 – Current Low 1.3030].
So, either the price goes lower to 1.3030 first, and then move
up to break out from previous high and I have a profitable trade. Or, the price
moves up first to break out [so my Buy Stop 1.3051 entry is taken] and then move
down to stop out at a loss at 1.3041 [1.3051 - 10 ticks] and then to move up
again for a higher close.
How can I confirm whether my 10-tick stop is hit within the
30-minute bar?
Which one comes first? The entry or the low? What happens in the
30-minute bar? There are many possibilities inside the next 30-minute bar, i.e.
if the low is reached first, I may have a good trade; if my entry is taken
first and then the low, I will be killed somewhere.
Can I accurately know what happen inside the 30-minute bar? How
can I write the AFL so my entry and stop will be handled accurately? What
timeframe do I use, i.e. smaller timeframe?
Please give me your advice. Thank you in advance.
Clement