What if the price is not at the traders desired market entry level?
We can create an entry order in advance and thus only enter the market when the price is at our desired level. Example: As an extension of the above example, let us assume that Euro/USD was in an upward momentum and was currently at 1.1860. The trader may believe that it will not go higher than 1.1890 before the market will reverse, but that 1.1860 is too early to enter. As our trader will not be at the computer to watch the market, he places a create order entry to sell Euro/USD at 1.1883 (remember when the buy price is at 1.1880 the sell price will be 1.1883, in a 3 pip spread trading environment). The trader places a stop loss at 1.1900 and a limit order at 1.1833. If the trader is right, his position will automatically open at 1.1883 and if the market reverses as per previous examples, then he stands to gain 50 pips or $500, as the transaction will automatically close at 1.1833. Note: When using a create order entry, ensure that in the event of it not been activated when you desire
