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Hi everyone, hope you are doing great.
I have a question about this kind of Stop order entries:
Al talks about buy above bull bar closing on High or sell below bear bar closing Low, but I am confused when this happens, we had a good buy signal bar with good context, but after those 2 bear bars I use to remove my entry and wait for another bull bar closing on high in order to take the trade.
My question is if I am making a mistake removing my entry after the bear bar closed or it is okay to do so, because at the point the entry is triggered you are buying at the top of 2 bear bars in this case ( but could be a big bear bar, a doji or whatever, so you are not longer buying a bull bar closing on its high )
Thank you
Hi Alejandro, my 2c could be wrong 🤔
Hi mike,
Thank you for your answer, I understand the context, but my question is more about the fact of buying above bull bar, if you are willing to buy, It is okay to buy above that bull bar even if we had more bars after the bull bar or is best to wait for another signal ( bull bar closing on highs ) in order to take the long ( in case this triggers on the Next bar ) I Hope this makes sense.
Ah, I see. Perhaps it’s best to wait for another reversal. Hmm…
My opinion is after signal, stop order should fill within 2 bars. If not, cancel order and wait for new signal. Most of time if good will fill next bar, and occasionally 2 bars later.
but I am confused when this happens
So you already know atm that you are possibly in a TR and that BLSHS is the way to go. If you know where you are in the TR (context) you might be able to wait longer than 2 bars to get filled. If you don't know just stick to your 2 bars rule which Daniel confirmed as well.
Given the context on the open with the bear TR bar b1 a bull TR bar b2 you can gather already a big chunk of info how the next few hours can look like.
