Part 4 · Protect the account

13Know when the setup expires

Every setup has a clock. Write the times down.

Setup lifecycle.

1Whichever exit comes first applies; a stop or target takes precedence if reached first.

Hypothetical illustration, not real market data.

01 Daily close, signal confirmed. Check spread, valid triggers and news in the next hour.
02 Orders staged, clock starts. Expiry = next full daily close; write the actual broker expiry timestamp.
03 One fills first. Cancel the opposite; stop and target stay active.
04 Neither fills by expiry. Cancel both; do not roll forward.
05 Position remains open. Close at the end of the third full daily candle after entry or Friday 16:00 New York time, whichever is earlier; stop or target take precedence if reached first.

Honest note

A can skip the intended entry or fill a stop beyond its level. There is no guaranteed maximum loss.

Key takeaway

Log actual fills and losses, including those beyond 1R.

Try it

For a setup staged on Monday's close, write the expiry and the latest exit time.

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