Dear Members please help me out !!
Buy or Sell Decisions are taken on the close of the candle.
But, I want to buy few ticks above the high Price of the buy signal Candle and few ticks below the low price of the sell signal candle.
Below is the example for a 5min candle time frame,
We got a buy signal at the close/end of the 10:00am candle (i.e. Candle which is for 9:55am to 10:00am), for that particular candle suppose there is an open price of 95, high 98, low 94 and close 96 price. Now in general, buy price after the close of 10:00am candle would be close price i.e 96.
But, I want to place a buy stoploss order after the close of 10:00am candle at 98.1 (i.e. 2 ticks or few ticks above the high of the 10:00am candle).
@prathitkumarrpatel: Welcome to the Forum. Looks like you have just Joined 5 hours ago, and Read for 3 minutes in those last 5 hours.
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@prathitkumarrpatel in addition to @snoopy.pa30 suggestions, I think it would be wise if you learn the proper trading terms if you plan on becoming a trader/investor. I don't think you are really referring to Stop Loss orders when you write
I assume you are referring to a Buy Stop . Look up different order types on the internet, like Buy Stop Order (which becomes a Market Order once a stock's price trades at or above the price you have specified) and Buy Stop Limit Order.
Good luck.