mfogli1 -- this is what I believe to be true: it does not
matter. There could just as well have been a big uptick and
you'd be ahead at the close. But this is a swing system, it
holds for days or weeks. Where you buy it within the last
5-minute candle just does not matter.
But as for getting closer to the close -- if you want to wait to
make sure that the trade would trigger -- I made out all my orders
and watched SPY on 1 min and 5 min charts. I made out my
trade orders and waited until 3:59 and then clicked to send them,
one after the other. It seems pretty simple. You could do it
without the charts, just watching the price. Price was below the
trigger price for the last 20 minutes of the market, so we knew
there was a trade unless something changed. So just wait
until 3:59 and send your order.
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mfogli1 -- this is what
Trade entry for SPY swing system
Posted by Michael on 3rd of Jun 2011 at 05:16 pm
mfogli1 -- this is what I believe to be true: it does not matter. There could just as well have been a big uptick and you'd be ahead at the close. But this is a swing system, it holds for days or weeks. Where you buy it within the last 5-minute candle just does not matter.
But as for getting closer to the close -- if you want to wait to make sure that the trade would trigger -- I made out all my orders and watched SPY on 1 min and 5 min charts. I made out my trade orders and waited until 3:59 and then clicked to send them, one after the other. It seems pretty simple. You could do it without the charts, just watching the price. Price was below the trigger price for the last 20 minutes of the market, so we knew there was a trade unless something changed. So just wait until 3:59 and send your order.