Published: April 18, 2019 5:10 pm est
by Tom Kadale,
Contributor Market Analyst
NewsmovesMarketsForex
Yesterday I was on my way to a construction site, when our algo emailed a double signal. Before getting out of my car, I evaluated the signals and placed my trades.
Here’s what I did… The first signal was a BUY for EURCHF. By the time I viewed the charts, the offer was above the LAST quote, so my only option was to place 7 lots at the LIMIT and wait for a pull back to place my 1 lot tracker trade.
For the moment, I let it be and decided to check the next signal before committing. Besides, the spread had also widened to around 3 pips. The second signal was a BUY for USDCHF.
The price action was below the LAST quote, so I was able to place my 1 lot Tracker Trade along with my 7 lot LIMIT order without delays.
The rest of my afternoon was so busy between phone calls and meetings that I was grateful to have my 1 lot Tracker Order available to monitor my trade. Every so often,
I’d glanced at my MT4 App to see if my 1 lot Tracker Trade had exited at the Take Profit. If it had, I would have deleted my 7 lot LIMIT order. After it hit my LIMIT order, I stopped monitoring the trade and let it ride through its process. This morning I woke up to a nice profit.
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From the RagingFX Trading Desk… Tom Kadale, Forex Algorithm engineer RagingFx.com and Guest Contributor Market Analyst for NewsmovesmarketsForex
