pending Order level clarification

[aikitrader]

Hi, just getting to grips with the system ready to demo trade:
Querstion re setting pending order:

If an M1 Aims box level is say 1.3748
Example all setup criteria met for setup 1 on M1 with M5 alligator mouth open

Do I place my pending order at 1.3748 or 3 pips above (1 pip plus aprox spread) so 1.3751
In the above example the trade will only trigger if price broke the aims box level by 3 plus pips (1.3751)
Is that correct?
Assuming if correct then the stop loss needs to be big enough to reach the bottom Aims level eg 1.3738
So SL = 13 pips 1.3738
Pending Buy Stop Order 1.3751

Another thought, won't there be times when a pending order will not be accepted as too close to the current price? Then do market order or wait for setups where only pending orders have been successful?

I think I got it but just want to check,
thanking you in advance for your help,
regards,
Alex

[immy]

Hi, just getting to grips with the system ready to demo trade:
Querstion re setting pending order:

If an M1 Aims box level is say 1.3748
Example all setup criteria met for setup 1 on M1 with M5 alligator mouth open

Do I place my pending order at 1.3748 or 3 pips above (1 pip plus aprox spread) so 1.3751
In the above example the trade will only trigger if price broke the aims box level by 3 plus pips (1.3751)
Is that correct?
Assuming if correct then the stop loss needs to be big enough to reach the bottom Aims level eg 1.3738
So SL = 13 pips 1.3738
Pending Buy Stop Order 1.3751

Another thought, won't there be times when a pending order will not be accepted as too close to the current price? Then do market order or wait for setups where only pending orders have been successful?

I think I got it but just want to check,
thanking you in advance for your help,
regards,
Alex

Hi Alex

Its always good to throw a question anyway! so cheers for doing that.

I do it this way as mentioned in the book:
Long: Upper AIMS Level Price + 1pip + Spread
Short: Lower AIMS Level Price +1 pip
e.g if AIMS Level is 1.3010 For Long I willd have 1.3010+1pip + 1.6 pips spread rounded to 2 so my order will be 1.3013 !

Hope this helps

Immy

ps: no market orders for me, if it does not accept it, say NEXT (but you may be good with Market orders and may want to devise a strategy for it, for me there are no market orders, thats just me)

[evilmeatball]

hey, i'm new here and also named Alexander

one question, which broker gives that low spread? or am i not allowed to ask that?

btw i will be asking many "stupid" and newbie stuff here soon )

[msk185]

A number of brokers offer that level of spread, Alpari and Axi trader are 2 I know of

Mike

[Den]

Hi There,
Just a little input. Make sure you ask how many pips from market price you can place a pending order. Ive had several accounts which i opened and then closed as i could not place a pending order close to price. I am now with Alpari and gkfx seems to be most popular and trusted mt4 brokers at the mo.

[evilmeatball]

ot: yes i just experienced the very same thing. on my fxcm live acc it says "must be 0 pips" away from the price. so i guess they are all different. did you try oanda btw?