How can I set max price trade can open at?
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I have a level + buffer that if price trades above I will enter a long trade. eg. audusd level 0.7060. If price trades above 0.7063 I buy long at market order.
How do I enter a level that will limit the price I am willing to pay of say 0.7068 (5 pips). Usually my entry price is near the price level I have set but occasionally in a fast moving market my entry might be at say 0.7088. And I don't want to buy at a price that is too far from my level.
Any suggestions welcome.
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Are you talking about slippage?
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Not specifically about slippage. I was thinking initially about wanting to limit the price in a fast moving market so that my entry price isn't too far away from the level I want to enter at. i.e. I want to enter once price is above 0.7063 but don't want the trade to execute if the price I am going to be filled at is above 0.7068.
But maybe this is actually slippage? Do you have any suggestions as to how I can do this?
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When let's say "Buy now" runs, it uses the current Ask price to say to the server where to put the future trade. But until the request reaches the server, there is some time... let's call it network time. If the market is fast, the current Ask and Bid prices could change quickly and the broker opens the trade at the Ask price that is actual and could be different than what you requested. This is slippage.
There is a parameter for "slippage" in OrderSend(), which was the maximum slippage that you allow for the trade, but I think that this parameter no longer works for most brokers. And they will open the trade with whatever slippage. I don't know more details to be honest, and I don't know how to tell the broker to not open the trade if the price changes too much
