Introducing all of you to trading directly from the charts, for the first time in India.
Being one of the beta testers of Pi over the last 6 months, a feature that I really like is trading directly from the charts. Placing an order directly from the charts is intuitively much better than using a buy/sell order form. Whatever little test trades I placed, there were very few against the trend, and even if I did they were around support and resistances, that was clearly evident on the chart.
I’d suggest you to disable transaction passwords and order confirmations first from the User Settings, gives a better experience.
Disable Transaction password & Order confirmations
Placing an order on the chart
- Right click anywhere above or below the current candle on the chart to see the “Buy Here” or “Sell Here” option.
- Make sure that you don’t right click over/just above the current candle, right click above/below after the current candle.
- Based on where you click, you would see a quick order window open up with the price. You cannot change this price. If you want to place at a different price click on cancel, and right click again to initiate an order at a new price.
- Since you are clicking on the price at which you want to buy/sell, no market orders are allowed. If you place a buy order below the last traded price (LTP), it becomes a limit buy order, and if you place it above the LTP it becomes a stop loss market buy order with a trigger. As soon as the trigger is hit, a market buy order is sent. Do the opposite if you want to place a sell order.
- All orders which are limit may or may not be completely traded. All orders which are placed as SL-M (buying above LTP and/or selling below LTP) with a trigger are guaranteed execution (if the trigger is hit) as a market order is sent when the trigger is hit.
Modify & Cancel orders placed from the chart
- The best way to modify would be to cancel the order placed on chart using the order book (F3), and replace it once again from the chart. The reason for doing this is because if you directly modify the price using the order book, the line drawn on the chart will not move up or down to project the new price. (We are looking at having this move in our future releases).
- When the order is cancelled from the order book, the corresponding line on the chart disappears.
- Clicking on Clear all Orders that appears when you right click on the chart will remove all pending orders that were placed from the chart. (Remember only the ones placed from that particular chart, and not those placed on other charts or using F1/F2).
- A buy placed above the LTP (last traded price), so a buy SL-M order with trigger 8357.
- A sell order above the LTP, hence a limit order with price 8345.5.
- A buy order below the LTP, hence a limit order with price 8327.8
- A sell order below the LTP, hence a sell SL-M order with trigger 8309.5.
- You can cancel any of these orders on the order book by clicking on the cancel button so that the corresponding line disappears from the chart.
Example: Trading the Breakouts/Breakdowns
The two blue lines on the chart are horizontal lines drawn to indicate my expected levels of support and resistance. Instead of having to go to the marketwatch, use buy and sell orders, I can very easily place a buy order just above the resistance line and sell order just below the support line, expecting a quick move if these lines are broken. Placing this right from the chart is not only convenient, but also intuitively helps to not go against the market trend.