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I'm sorry for the confusion on my SLV comments. I am trading SLV in different system. My comments were intended to tell you what I think that I am learning about alerts. I'm sorry for not clarifying. So far, I do not believe that the hourly alerts are what we thought before. However, I do try to use hourly charts for intraday stops my primary trade plan. For example, if I get a bullish signal, I'll try to wait until the hour has completed before buying and then place my stop just below that hour's candle.
OM gosh, I think that I have led you down the wrong path again with my comments on the MOC orders. I am sorry again for not being clear. I use IB as my broker and the MOC orders with them execute very well and are not a part of my SC scans or my SC signals. All of my signals come from SC scans and then I use IB to place orders or trades. I was trying to say that in my efforts to resolve my false signal issue, I may give up trying to run scans, enter and execute orders right at the close or just after the close. I find it very difficult. I may just buy or sell everything in the last 30 minutes or even the last 15 minutes if I have a signal at that time. If it unfolds by the close, I'll just sell it at the open the next day and take whatever it gives me, usually a loss. That's one idea that I have for trying to implement my primary trade plan, the one with so many false signals.
My stop plan for my primary trade plan is just below the hourly candle where the signal occurs. If I am still in the trade at the close, I move the stop down to the low of the previous day's candle or about .20 cents below the entry day's candle, whichever one is higher. If I am still in it after the first day, I move it up to about a nickel below the entry day low and I don't move it from there until price has risen significantly. That sounds crazy but it keeps me in quite a few trades that I may have been stopped out of otherwise. I could simplify the stop by placing it just below the previous swing low but te crazy way that I am doing it now saves me a little money when I'm wroinig.
You can choose from four different schedules for your alert:
Continuously All Day - alert runs continuously throughout the day. This is the default option.
At Market Open - alert runs immediately after the first price update of the day.
Hourly (10 AM to 4 PM) - alert runs the first time alerts are processed during each hour, from 10 AM - 4 PM Eastern. Note that, depending on the timing of the alert scans, this could be anywhere from the top of the hour to approximately 5 minutes after the hour.
At Market Close - alert runs immediately after the market has closed.
A final run occurs at approximately 7-8 PM Eastern time. See our Alert Processing documentation for more details.
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