Hello all,
I am new to the forum and hope the wise powers that be can help me with an issue of timing I am having.
As I understand, when I have the order ‘Buy at market’ the order will trigger at the next candle, but if it is a 15 minutes candle then too long a time is passing between the signal and the actual buy (and I miss half the move…). What can I do/use in order to buy at market at the next TICK rather then waiting for the entire current candle to close and then buy in at market at the next candle?
Thank you very much for your assistance.
Hello, this is of course a problem we all have. The “problem” being that PRT needs the candle to close, and the reason for that is gonna save u tons of cash most likely.
How many candles haven’t u seen that has a big fat shadow/spike up, but closes down? imagine if u went long on all of them.
U only wanna enter the market when candle close to make sure that the candle actually gives u the buy signal. if the candle goes 50 pips up, but 1 min before it closes it runs down -100 pips. U would be so glad u didnt jump in.
if u feel like every entry is 1 candle too late, u need to check ur strategy cus it might not be so good.
Also, im not sure about how ur trying to trade, what type of strategy ur using ( mean reversion, trend following, long only etc) But unless its super spesific trades, sort of a scalping system, then 1 candle shouldnt be make it or break it for ur entire strategy,.
You can use pending LIMIT/STOP orders when you know a specific desired entry price or you’ll have to wait for the upcoming MTF (multi time frame) support, like now ProScreener does, when you’ll be able to set up a trade on a, say, 1-hour TF but also check even 1-second TF (I am not sure single ticks will be available) to enter te best possible price.
Pending orders, like jebus89 said, can sometimes lead to unexpected losses and also when they open and close within the current bar while it’s being built will not let ProOrder know you have been OnMarket, because ProOrder needs a whole bar to know any OnMarket condition, but if by the closing of the candle the trade has been exited, well… it will report OnMarket as FALSE (it will update STRATEGYPROFIT, though) and in such case DEFPARAM CUMULATEORDERS=FALSE might not be of help if more than 1 pending order is entered.
So you may choose among 3 possible solutions:
- go ahead at the closure of the bars, as you are doing now
- use pending orders (with some caution and testing)
- wait for the MTF support
Thank you all for your comments and helpful notes, any idea when multiple time frame support is due to be released?
Thanks again!
It is rumored to be released before the end of this year, it’s being beta-tested!
We all are eager to use it!
It is rumored to be released before the end of this year
For IG and PRT Sponsored account (live trading), but certainly before that for prorealtime.com (paper trading) customers.
