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Hi Guys, quick question. when do you place your order how far is it from your target? for example if you want to enter at a support, do you place your order on the support, few ticks above or few ticks below? and how many ticks do you use? for example I use usually 7 ticks above support to enter on MES, M6E, MCL. not always they work though. did someone make some research on this? same story for exit orders.. any info would be great. thanks
Can you help answer these questions from other members on NexusFi?
The closer to support or resistance you get, the higher the chance of the order not getting filled. But then you get filled at a better price if you go close to support/resistance, or even past it. So there are trade offs wherever you place it, and it all depends on how much risk you like to take - a guaranteed fill at a bad price, or a low chance of a fill at a great price.
For me it'd all depend on context, what the market is doing that day.
I try to keep my stop loss within 30 points on entry. After it reaches that, I figure that I made the wrong decision and take my loss. Thankfully, I've collected enough data from my trades to determine that most of my trades have a drawdown of 20ish points, so 30 points is what works for my trading.
My strategy works best on ES and ZN, but sometimes I trade other products like CL and Gold when an opportunity in the market is there. I only looking to trade in markets with high volume, which is why I'm drawn to the ES and ZN.
Rarely do I take into volatility. This is mostly because the bulk of my trades come directly after periods of high volatility. If I had a bigger account, I would trade more of these events, but volatility and noise would kill my small account before a clear price direction occured.
