Pending orders don’t just work well for traders with busy schedules. They can help you if you:
1. Can’t manually place orders at a certain time or time session
2. Get anxious wondering what’s the best candlestick to enter a trade
3. Know where you want to enter a trade but can’t always make the time
4. Have a hard time pushing the button
As for me, and this is being real, I’m overcoming anxiety and sometimes my anxiety can keep me away from my computer. So, this past Sunday, I set pending orders on NZDCHF along with other currencies and it paid off.
NZDCHF made a new high on the 4 hour timeframe. I placed a buy limit pending order above the higher low on top of my estimation on zone and set my Stop loss at the Lower low. My take profit was placed back up to the high.
Managing the trade:
My trade went into a bit of drawdown, but not much. I’ve realized after years of trading the stop loss is protection from drawdown and if I’m stopped out I need to trade in the opposite direction. I saw the trade through and it took profit.
This pending order worked out well.
1. Can’t manually place orders at a certain time or time session
2. Get anxious wondering what’s the best candlestick to enter a trade
3. Know where you want to enter a trade but can’t always make the time
4. Have a hard time pushing the button
As for me, and this is being real, I’m overcoming anxiety and sometimes my anxiety can keep me away from my computer. So, this past Sunday, I set pending orders on NZDCHF along with other currencies and it paid off.
NZDCHF made a new high on the 4 hour timeframe. I placed a buy limit pending order above the higher low on top of my estimation on zone and set my Stop loss at the Lower low. My take profit was placed back up to the high.
Managing the trade:
My trade went into a bit of drawdown, but not much. I’ve realized after years of trading the stop loss is protection from drawdown and if I’m stopped out I need to trade in the opposite direction. I saw the trade through and it took profit.
This pending order worked out well.