Smothcy4 wrote: ↑Sat Mar 30, 2019 10:55 pm
Thank you for sharing this so it can help me towards what I should look for and focus on. Your execution and plan seems simple but effective. Do you still monitor the others when doing this approach, what I mean by this. If you see no support for others and the trade is heading towards a 9.20 lay, do you still stick with it or would you cancel the lay or move it down slightly?
How's your success with doing this approach over the long-term? Also, when you choose the prices, do you tend to focus at the bottom and top of the range only? Do you tend to focus on certain prices too? What I mean by this, you mentioned 9.20 lay and 14.50 back, was there any particular reason you choose these prices or was it just because they was at the top and bottom of the trading range. Either way thanks
Essentially is doesn't matter about the selection or monitoring any other runner, if the boxes are "gappy" enough on both the back and lay side, then that will do for me, then let the momentum take over. In theory, I could do more than one, it just means I would need to be ready to hover with the mouse on those too.
Yes, can cancel and move the trade, only if my position in queue (PIQ) is reasonable. It works best to make an early decision, if no trade opportunity occurs, move on to the next race. I have at times put up more than 1 trade either side on the same selection (if opportunity allows it) that comes with a little more confidence.
No specific decision about the prices, only if the gaps are there and I'm confident the market will have liquidity/stability.
Just to repeat, it suits my style, (it may not suit yours). I can learn/watch how the market behaving and be confident there's a high probability I can complete a successful trade.
Your attitude to risk/reward may be higher than mine and you may want to ping in lots of trades either side and see how many you can scalp. Only thing with that is the market may have other ideas and sweep through leaving your position over exposed, panic and then you're tempted to let it go in-play to get out of trouble...(good luck with that)... A stable market reduces the chance this could happen, but the mad bomber may appear and scupper the best laid plans. (even the stop loss may get swept aside if he/she appears).
B.A have recently added the PIQ option. It's an estimated figure, but confirms where you are even when other orders start to appear.