the hAnDbook of teChnICAL AnALySISat the indicated prices on the quote screen. Negative slippage may sometimes
occur when placing market orders. Exit at the current market price is also ex-
ecuted via a market order. Being a stop order, exit is guaranteed but the exact
exit price is unknown.Other orders include:■ (^) Day Orders instruct the brokers to keep an order pending only until the end
of the trading day.
■ (^) Good till Cancelled orders instruct the brokers to keep an order active until
further notice.
■ (^) Market on Close orders to buy or sell are executed during the last minutes of
the trading day, at or near the closing price.
■ (^) Contingent Orders are orders that are executed once another order is filled
or triggered; examples include one cancel other (OCO) and one trigger other
(OTO) orders.
Refer to Figure 5.32 for a summary of entry and exit orders, above, below,
and at the market.
5.5 Price Inflection Points
the four Modes of initiating trend Capture
There are four simple ways of initiating or establishing an entry in the market,
namely via:■ (^) Overlay Breakout Entries: An entry may be initiated on an upside or downside
breakout of a price overlay that may or may not be in the direction of the
predominant trend.
■ (^) Overlay Barrier Entries: A barrier entry may be initiated at an overlay bound-
ary that may or may not be in the direction of the predominant trend. A barri-
er entry means buying at a barrier support and shorting at a barrier resistance.
Barrier entries also include buying or shorting at a retest of a barrier.
figure 5.32 Entry and Exit Orders.