Forum >> Pending orders - Opinions?

My opinion, is that everybody is encouraged to experiment with the signals. It can turn out to be an excellent idea, setting pending orders. However, it would make us more difficult to track performance and to measure accuracy.  Just like any other idea, this one has to be forward-tested and evaluated and if the results show that this is a viable addition to the currency trading strategy, I would appreciate if you share with other members.  I have not tested such a strategy yet.

i also do the same thing for about 3 weeks now ..

the stupid aud opened every one if them but i believe that helps in the long run  even a litle bit..

keep the spirit up..

I've just been setting the order for about 50-100 pips away from the recommended entry price. For example if a signal comes out for a sell @ 1.550-1.575 chances are the price will bounce off of 1.500 for a while before breaking through or might turn and continue up again. In this case I set the order for around 1.475. The price might break down to that level and trigger the trade then turn round and continue back up but that is a chance I am willing to take. I also don't mind sacrificing 50-100 pips if we are looking for big moves. I haven't worked it out but I have missed about 4 or 5 SL's so far. Not to say they won't end up losers in the future but I will continue to do this unless someone comes up with a valid reason why this is a bad idea.

 Scotty,

This sounds interesting. What would be your strategy for pending orders? Let's say if you set your order 50-100 pips less or more than signal price, there still a chance that order gets executed and trade turns in the other direction but it is possible to miss out some bad signals who go red immediately in the expense of 50-100 pips less future profits for good signals.

murat

 Scotty,  can you give us more details on how you set your pending order.  Do you set it to a fix amount per signal, like 50 pips out from the direction the signal is in?  Or?

I didn't get much feedback if pending orders were a good idea or not so I started setting them anyway. I've missed quite a few stop losses since I did this so I guess I was lucky!!

I'm not sure if I will delete the orders that would of hit SL or keep them open to catch the moves when they happen. Although I am now down quite a bit from my original starting balance i'm still comfortable with the DD. I'd be interested to hear if anyone else is doing this or why it is or is not a good idea.

Good luck all.

I think this is worth testing - wed have to give the order room (100 pips or so) so it didnt get triggered by the daily volatility getting us in at a worse price but you could trail the price if it goes against you and add to the position size as new signals were generated.  

Have you tested this SIlvertrader? 

Silvertrader, What is your opinion on setting pending orders to catch the moves after they turn. This could potentially reduce the risk of the signal continuing in the opposite direction and hitting our SLs before it turns back.