Set & Forget method of entering by using pending orders
Forecast City intraday forecasts are so much precise and powerful that you can use them for ordering strategies (pending orders) even for 24 hours!
In this method, by setting the orders in the entrance limit and define TP & SL for each one, you can forget about the market and do your work!
- If you don’t like or can’t monitor the price chart and wait for entering the price into the entrance limit for a long time, using the limit orders is a proper solution. This method saves your time, particularly intraday forecasts released when the daily working hours finish or do not still start in all countries. So if you have any other job or study or engage in to any kind of work during official hours, you can use this method.
- If you are not a professional yet and still involved in exciting trading, this method helps you to end your trades only based on a technical reason.
Suggested Method for Ordering*:
As we explained previously, price reversal and starting the main wave in any depth of the entrance limit is possible. Therefore, there is no any other way except using several orders for different depths of the entrance limit. Thus, we have a chance to invest again in the better points while the price reaches deeper depth (when the price getting close to S1 or R1). However, it doesn’t mean to increase investment more than it is permitted but to divide the amount of permitted capital among orders!
We can easily divide entrance limit to equal distances and place our orders.
Example: As it is seen in the front example, you can place 4 Buylimit orders with the distance of 7 pips in a 20 pips entrance limit.
The first order is at the beginning of buying limit on 1.5295 .
The second order is 7 pips lower than it on 1.5288 .
The third order is 7 pips lower than previous order on 1.5281 .
And the forth order is 6 pips lower than the third order on S1= 1.5275.
Capital Dividing Method*:
As it is seen in the front image, the distance between orders and SL decreases while we move from first order towards forth order. So if S1 and S2 can not prevent price falling and all of the orders close in SL by loss, the first order produces the most loss in pip and the forth one produces the least.
Also in the case of forecast succession and rebound of price after hitting with S1, the first order makes the least profit and the forth one makes the most.
Thus, logically it is better to invest less on the first order as it produces the most loss and the least profit and, on the contrary; put more money on the forth order for it makes the most profit and the least loss.
Therefore, we can divide the whole of our permitted capital for investing on this currency pair in this manner:
- 10% of the capital for the first order
- 20% of the capital for the second order,
- 30% of the capital for the third order,
- 40% of the capital for the forth order.
As you see in the front example, the permitted capital for this currency pair is 1.4 lot and has divided in this way:
- For the first order: 1.4 × 10%= 0.14
- For the second order: 1.4 × 20%= 0.28
- For the third order: 1.4 × 30%= 0.42
- For the forth order: 1.4 × 40%= 0.56
*Be consider that the ordering and capital dividing methods explained are just some simple and the best methods for getting the maximum profit and the professionals can change them based on their own experiences and risk-taking level.