intraday update use
Moderator: Chris White
intraday update use
Earlier this week I clicked on the intraday update around 11:00am and it gave a buy signal for EFA. I purchased the ETF, and later in the evening when I checked the buy signal was no longer there, for either the daily update or intraday update. What is the best way to use the intraday update so I can avoid buying and then having the signal disappear?
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Chris White
- Posts: 212
- Joined: Mon Nov 29, 2010 9:21 pm
Re: intraday update use
These Connors ETF strategies have been backtested using both the close price of the signal day or the open price of the following day. All the results can be seen in the PDF file on the following page:
http://www.etftradingbandit.com/
If you were trading the following day at the open then the signal is always easy to see because you only need end-of-day data and you can get that after the market has closed for the day.
If you want to use the 'same day at close' method then you need to be a bit more careful. Always make sure that you have updated to the latest end-of-day data and then use the intraday update function to apply current (15 min delayed) data on top of that. If you find that a signal exists after the intraday update then to be absolutely sure that signal will still exist at the close you can place a 'limit on close' type of order with your broker. Select the limit price to be the current intraday price.
Using the above method will ensure that your trade will only be taken for valid signals but it can also cause you to miss a few trades because the actual price that causes the signal is not known. To get more accuracy only consider doing this in the last 20mins of the trading day as that will give less time for the price to move prior to the close.
http://www.etftradingbandit.com/
If you were trading the following day at the open then the signal is always easy to see because you only need end-of-day data and you can get that after the market has closed for the day.
If you want to use the 'same day at close' method then you need to be a bit more careful. Always make sure that you have updated to the latest end-of-day data and then use the intraday update function to apply current (15 min delayed) data on top of that. If you find that a signal exists after the intraday update then to be absolutely sure that signal will still exist at the close you can place a 'limit on close' type of order with your broker. Select the limit price to be the current intraday price.
Using the above method will ensure that your trade will only be taken for valid signals but it can also cause you to miss a few trades because the actual price that causes the signal is not known. To get more accuracy only consider doing this in the last 20mins of the trading day as that will give less time for the price to move prior to the close.
