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Getting the best entry price
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Getting the best entry price

  #1 (permalink)
Elite Member
New York NY USA
 
Futures Experience: Beginner
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Getting the best entry price

When trading stocks for a quick ½ to a handful of points over a few days, as I am currently trying, getting the best entry price is important. My current system, once I have picked my stocks for the day, is to put in a buy limit (day) at the previous days close. But that has some problems. For example today I was going to buy BYD @ 18.91 But it gapped up so I missed it. And then I am a little afraid to chase it. So I have to pass on it. I also bought PENN another stock that hit my entry criteria and signal. But this stock had had two strong up days. So the question become should I wait for a retrace and get a better price. It did not retrace, but it might have. I might have been stuck holding a down position. When I want to bang out the trade and grab a point or so.

I have come through significant pain to embrace rules based trading. If this happens then I do that. But I am not sure if this limit entry on the previous close is really an optimal rules based entry system. I may be missing opportunities. Or it may be the safest middle ground.

I was just wondering if anyone had any opinions or suggestions on improving my entering system.
Thanks for any thoughts, and for sharing how you might pick your entry prices.

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  #3 (permalink)
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Omer עומר / Israel י
 
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Maybe you could look at the market profile, and look at the POC of yesterday.
The POC gives you and idea where most of the volume was traded.
You may also like to watch the VWAP

Both approaches are more refined than just the close price, which could be anywhere between high and low of yesterday.

hope this helps you

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  #4 (permalink)
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Nanjing, NJ
 
Futures Experience: Intermediate
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Broker/Data: Optimus/CQG
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since you're not day trading, take a look at Market-On-Open (MOO) order. it might help

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