Imagine this plausible situation. It’s the weekend and you are a technical trader so you don’t think the news is going to have to do anything with the moves you’re expecting but you need to know when there are events that will cause short term volatility and what those events are. This knowledge can get you a better entry at that time (since short term news causes short term moves) or you know when to stay out because you don’t like the noise as a technical trader.
And now the hunt is on, what can you find to increase your profits in the long and maybe the short term. Or do you look for Swing trades that will open and close within the week? This leads us into the most fun part of trading! When you’ve finished your cup of coffee after you were able to find opportunity after opportunity you feel excited for the week to come because your portfolio is looking to jump up sky high if all your ideas work out.
When the week is past, you had a nice week, you have won some and you have lost some. But when you review the week you notice that all the setups you have found were not that bad, most of them would have worked out. The only problem is you have lost track of them because you weren’t scanning your charts all the time. In this article I want to share with you how I deal with this problem.
Buy and Sell orders
Most platforms offer the opportunity to place buy and sell orders. For those of you who don’t know how to place orders let me quickly explain how that works. Let’s assume you have found an interesting zone where you want to buy. Price has not reached that level yet and to get in on the trade once price is there, platforms like Metatrader offer the possibility to set an order that will open automatically even if you’re not watching the chart. That way you will never miss a trade.
The only problem with orders is that once price doesn’t respect a level you’ll get stopped out right away. Some traders prefer to get in on a trade once the price turns around and starts heading in the direction they want to get in on. In other words, they wait for price action to confirm the move before getting in to prevent getting stopped out. Since they are professional traders they know that they should not be picking tops and bottoms. If this is you way of trading placing orders is not always the right way for you to prevent missing trades and setting alert may be a better solution for you.
Setting Price Alerts
I prefer to enter into a trade only if price action confirms my idea. I understand market movement pretty well so I know when I need to be paying attention and when to stand aside. I would want to get notified when price reaches certain level. Once there I don’t want to enter the trade right away but I do want to start watching charts closely. This is the only time I zoom in to the 4 hour and the 1 hour timeframe to get confirmation on the move and to find a great risk-reward entry.
Here at Tradeview you can place buy/sell orders, and setting price alerts on any of our trading platforms such cTrader, MT4, MT5, Currenex, so your trades can be triggered even when you are sleeping. For more information about how to set up an account with Tradeview please write me at firstname.lastname@example.org.
Wish you a good trading day.
Business Development Manager