Wednesday, December 19, 2007

Clarification for yesterday's post--

It was kindly brought to my attention that there might be some confusion about when FirstStrike orders can be executed.

The buy and sell orders are fixed relative to the open of Monday's trading, determined by the price existing at 00:00 Monday morning.

The question from a reader yesterday was as follows:

I read your latest blog entry last night and enjoyed it. One system specific question, are you applying FirstStrike entry signals ONLY on Mondays?
My Reply: 
Monday's only, unless Monday is some sort of major holiday. Then we use Tuesday's open.

I was thinking about the change in opens, while the questioner was asking whether we only are allowed to execute trades on Monday.  

We execute the first trade in a given currency pair, however long it takes within the trade week--for it to get executed.   That is, of course before Friday at 15:00 when you would need to close any existing trades.  

As a practical matter, I am quite certain I wouldn't take a FirstStrike "first" trade past 09:00 on Friday morning.  T
he situation of not getting executed on a trade within the week happens so rarely as to not be an issue.

Thanks - T - for the clarification.
Have a great evening.


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