In that case narrow case, I go MKT and leave the LMT. Once the MKT is filled, cancel the LMT. If it executes, no big deal. Just close one for an early profit. By the time you adjust the LMT and resubmit, you can be in and in the green.
Well, it's not far-fetch to say scalping for 10 ES points these days is not out of the realm of possibility. Let's not forget I'm only suggesting that you chase in a STRONG TREND as written below:
If the price came down to a tick or two away from your entry price before reversing, that already demonstrates that you know what you're doing. You don't need any luck. You just need to adjust your entry to catch the ride in the future.
The only legit way to earn profits chasing price is when some new information changes valuations in a major way. Then taking liquidity in a rush of panic is offset by helping move price toward the real value. However, on a longer time frame, this too is providing liquidity. There is no other righteous way to take money out of the market than to balance out the overshoots.
Very true. This is what you do when you are in it for the long term and/or the projected profit potential is very large. Even if the price drops/rises after you've chased, if the prediction of the direction is correct, the price is going to eventually go back up/down to go in the direction of your trade so you will still end up profiting. If it doesn't, then that's what the stop-loss is for. So the risk, if there is one, is actually much lower than you think. If you are a short-term trader and/or you are just trying to catch small movements, then the justification for chasing is much lower. If your profit potential is only few pips, then why chase? Even if you got the fill, the profit is going to be much lower with the risk of ending up on the wrong side being much higher so it's not worth it. Just wait and another opportunity will come along. So whether you chase or not is dependent on your trading timeframe, style, projected profit potential I guess.
My trading goes best when I anticipate moves well in advance & have placed a bracketed order. This keeps my impulses in check & makes my trading more like chess, thinking ahead for the next moves & what pieces to use (size). I have a thesis for all trades & a plan for the session. This gives me more conviction for capturing larger moves & keeps me grounded.
%% OK; NO, assume its not last half hour\ or last 20 minutes to close. ALSO a $1.00 move on DE is nothing; not saying a $1 is nothing= i like Fed Reserve notes. WHAT if its 9 CST \which is most all my entry time or exits+/ Using my DE\example double NO\ its down YTD But i may chase[edit chase a bit] once@ 50% size of what i want+ see what ''gets price proved. '' The whole town said\ he should have used red\ but it looked to Charlene\ John Deer Green!! Cathy Moore Assist Producer. J D SONg /12 million Video views PS we dont really ''KNOW'' its not coming down\100% sure\, unless its 1 minute to close, mon$ter move, so i see your point. NOT a stock tip; good song tip. points............................................................................................ SHOULd you sell if price hits your stop, but you consitantly average 58 seconds to exit + now its in you favor?? NO, thanks.
And there folks, is someone who truly knows what they are doing! If the entry is not filled you just place a market order, otherwise it means you have no confidence in the position and you will probably lose anyway, if you are too late you wait, but these days the waiting means you probably missed the initial move anyway, unless it hits a specific retracement level (I know what this is). The past year or so, enter too early you lose, enter too late you lose, enter exactly and hold too long you lose (unless you have breakeven and you still lose via time but we'll call it neutral), use wrong units you lose, don't let the trade come to your predefined level you lose, don't have a balanced stop you lose. I would feel sorry for the poor saps these days but given I used a hedge fund architecture to generate 30% on a small account yesterday, I truly couldn't care, actually it's better because it means more for the fewer, and who doesn't love that!
Entering a market order means you are chasing because market order means you want to be filled right away unless I am not understanding you correctly. Can you elaborate more on what you mean by "hedge fund architecture"?