Using orders mean that I get married to the idea before I have seen the PA around it – any sign that the level is active. I enter trades that I would not enter manually – although this can also be a good thing.
The losing trades today were R2 and then R3, and both were too close to the open to work. But in favour of using orders – a limit buy at ex-gap would have been a monster trade.
This was the R2
R3 does see a small reversal but the level overshoots before the sellers are seen. My order at the exact level is stopped in minutes. The reaction is only around 10pts so even the best entry would not have worked. Higher probability S3/R3 trades are those that setup later in the session and where the market has travelled some distance from the open.