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I’m a beginner looking for stop order swing trades targeting 2x risk. Sometimes I’m too slow with my analysis and the market gets away before I can put in an order.
Is it ok to then put a limit order at the stop entry price or enter at the market at better price?
For example today (11/27/23), buy signal bar 22. I was slow and the market went up on 23 before I realized it was a good buy. But then the market tested the entry price, so I could’ve put a buy limit order at the 22 high and been filled on 23, or bought at the market on 24 at a lower price before it went up.
Hi Garrett,
I think it's ok to enter late and Al even has a whole episode about it here: https://www.youtube.com/watch?v=LYu-s76bgwI
It's important to reduce size if entering late at a worse price.
In general, if a BO sets an AIL and it's still AIL then traders are still looking for buys so can either buy bull bars or buy bear bars (if the BO is strong enough). Once a BO transitions into a CH it may be better to only buy bear bars and take profits at new highs. So it's important to monitor in what phase the market cycle currently is.
Underneath it all is Trader's Equation, so as long as you can structure a positive expectancy with a reasonable stoploss/target and probability of reaching some MM level before hitting into some S/R just above then it may not be too late to enter after missing the original entry.
Hope that helped!
CH
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