General question. If we find a suitable setup but price has already entered the UFO, do we still take the trade but make it a market order instead of limit order?
Good question! This depends:
- If the UFO is still there then yes, you can place it as a market order, or a limit order that’s extremely close to the current price (your choice)
- If the UFO has disappeared whilst price is inside it, best to move on to another opportunity
Once enough orders have been eaten up, AutoUFOs will delete the UFO off the screen, as it’s no longer a stack of UFOs (Un Filled Orders). So once it disappears, the bulk of orders are gone. If it’s still there, then there are still enough orders for the app to show us the area, so then it’s fine to place the trade as either a market order or very close limit order.
Hope that helps!