Here's a good example of using the automated 2 step conditional
order.
MDR noted for its relative strength yesterday. Gap fill
at 2.80 was noted, which was a 38 fib of the 2.20 to 3.15
range. If looking to capitalize on potential oil snap backs,
this is a potential vehicle.
Condition 1 Fill gap - "bid goes below 2.80"
. This sets buy stop.
Condition 2 Order trigger - Trade Price goes back through
support / recent intraday lows around 2.85 ... " trade price
goes above 2.85"
Doesn't look like much but , 20c potential gain (2.85 to
3.05) with 5c risk, and that's just intraday / overnight stuff with
good trade location and computerized execution.
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Schwab Conditional Order Example MDR Range Reversal
Broker Multiple Condition Orders - Buying Reversals / Positioning Within Patterns
Posted by hatefalseweight on 7th of Jan 2015 at 12:43 pm
Here's a good example of using the automated 2 step conditional order.
MDR noted for its relative strength yesterday. Gap fill at 2.80 was noted, which was a 38 fib of the 2.20 to 3.15 range. If looking to capitalize on potential oil snap backs, this is a potential vehicle.
Condition 1 Fill gap - "bid goes below 2.80" . This sets buy stop.
Condition 2 Order trigger - Trade Price goes back through support / recent intraday lows around 2.85 ... " trade price goes above 2.85"
Doesn't look like much but , 20c potential gain (2.85 to 3.05) with 5c risk, and that's just intraday / overnight stuff with good trade location and computerized execution.