Sentences with phrase «trade entry trick»

The other big advantage to getting a better entry via a limit order 50 % retrace (trade entry trick) is that it gives you more flexibility in your stop loss placement.

One good example of using limit orders to get a better entry price is discussed in my article on «the trade entry trick».

As I discussed in my trade entry trick article linked to in the previous paragraph, using a normal stop loss distance with a limit entry order on a pin bar for example, allows you more «breathing room» in the trade.

Traders could consider a 50 % tweaked trade entry trick sell entry on this pin bar if price retraces a bit higher early this week on the daily chart.

If you entered on a «trade entry trick» near the pin bar's 50 % level, you would have had to endure price initially moving in your favour, only to come all the way back to your entry over a 3 week period before then bursting higher and really making you some solid profits IF you had held on...

When you have a strong view on a particular price action trade setup and you would like to get the best entry possible so that you can increase the potential profit on a trade, the trade entry trick is your most potent weapon.

Thus, this may have been a signal you were less than 100 % confident on, so you could have used the trade entry trick to wait for a better entry which allowed you to shift down your stop loss and avoid market volatility more.

The main reason to use the trade entry trick I've discussed in today's lesson is to get a better entry and to get better / safer stop loss placement, this allows you to avoid market volatility more and gives your trades the best possible chance at working out.

The result was that if you had taken a normal entry near the pin bar close or high, with stop just below the low, you probably would have lost money on it, instead, using the trade entry trick the trade could have netted you a huge 4R winner, quite a difference:

3) This trade entry trick also allows you to wait for a better entry on those trades that you are just not 100 % confident in and would maybe prefer to risk less on.

There are essentially three very significant ways that this trade entry trick can significantly improve your trading results:

Another excellent way to take advantage of the trade entry trick is using it to help you avoid getting stopped out on a trade before it moves in your favor.

Some traders will use the trade entry trick because they refuse to take entries that are not «ideal», they may miss some trades but they are emotionally OK with that because they understand the importance of getting the best entry and how it can lessen the chance of a premature stop out.

Not exact matches

This use of the trick is not about reducing your stop loss distance, indeed you will keep the same stop loss distance as a «normal» market entry, instead, you're getting a SAFER stop loss placement and getting more breathing room on your trade, thereby increasing the probability of being on - board when the market moves in your favor.

Note: This trading trick of waiting for an optimal entry on a trade might mean that you miss a trade sometimes, but this should not worry you because that is what sniper trading is all about; we are waiting patiently for the «easy» targets to simply «walk into our sights», rather than shooting at everything that moves.

Now based on your trick, I will backtest and then try this: limit entry at 50 % retracement (or other logical level), and a wider stop (around like I would have if traded on pinbar close).

Thanks for another insight into Forex trading, I even recently experienced losses by keeping normal stop placement just a few pips under pin bar low / high, If I would aware and placed trick entry method would have turned to nice profit, thus dramatically increasing my trading account....

As you can see from the examples above, the idea with this trade entry «trick» is that we are reading the price action in a market and when we find a trade setup and have a view on the market, we can then fine - tune our entry and this then gives us options for stop loss placement and targets.

Also, before we get into the chart examples, I'd like to make a point of noting that this trading «trick» is really more about focusing on an ideal entry point on a trade, rather than on tighter stops.

The trade entry «trick» is essentially entering a price action signal on an approximate 50 % retrace, i.e. entering on a limit order as price retraces to the 50 % level of a pin bar for example.