Definitely the worse day trading live Futures I have had. And it's not due to the largest single day loss (more than double the next closes single day loss), it was due to the 6 orders I didn't get filled. Each of the six were winners. Instead I got 3 stop outs and two break evens today.
We had good downward momentum in the PM and a huge pull back. Then the price dropped again and didn't give me an entry but I placed an order anyway it case it jumps back to give me a fill. The price did recoil back but no fill. Then the price dropped big without me.
Then the ES set up for a "Test-Retest" setup (essentially a double bottom). I got an entry and set my exit order. When I saw the price ran up and touch my order I thought I was done for the day. Instead no fill and the price dropped back where I got out at B/E.
Momentum turned strongly upward. I tried to go long when the price broke a previous level, but no fill, then went and reached my target.
Then the price made a new high and a strong pull back. I went long but after 3 tries to go higher I pull my stop to B/E and got stopped out.
Then the price made a new high and a break out type setup occurred, but no fill so it ran without me.
Another no fill trade occurred off the chart, so that is all I will mention about it.
Then again a new high and pull back so I went long and got the full stop out. The price dipped lower and sprang back but I didn't get a fill and it ran without me.
Then another new high and a pull back. Went long and immediately got stopped out. Then more of a pull back and went long again, the price dropped to stop me out to the tick then ran without me.
I hope everyone had a decent day today.
Just a head's up that it's possible for range orders in DAS to become open positions with no stop.
I use range orders a lot in my trading, and I noticed that occasionally the range order would become a limit order without a stop.
This seemed odd to me, so I checked with DAS. They explained that when the price of a stock reaches the target price of a range order, the range order converts into a single limit order with no stop. If that limit order is not filled then you are left with an open, unprotected position.
For example, if you have a range order set for $10.00 and $12.00, when the price of the stock reaches $12.00, the range order becomes a limit order for $12.00. This is fine, but the issue is that DAS does not leave a corresponding stop in place at $10.00. If the newly created $12.00 limit order isn't filled and the stock's price reverses, it's possible the price will drop below your intended $10.00 stop.
I have seen scenario occur when price briefly wicked up past my target price, or when price touched my target to the penny then immediately reversed. Again, it only happens when you do not get filled, and it does not happen often, but when it does happen it's not fun.
With this information in mind, it's probably not a good idea to set a range order and leave your station since there is a small but real chance you will end up in an unprotected position.
I have asked DAS to consider changing how range orders work so that this scenario is no longer possible.