SPDR S&P 500 (SPY)

[leftyg]

Sammy...you can calculate after the close, what price would create a white or reversal box the next day, and set your GTC buys/sells there. I generally look at the closing price in relation to the price which creates a reversal box...if the price closed just below the price that would fill a reversal box, there may be a warning:

1. There may be a reason it closed just below..like a resistance level.......and the next day the trend will continue downward.

2. Any small rally the next day, much smaller than would show real conviction of a reversal may trigger the GTC buy signal, but then the market continues it's downward path.

If the price closes only slightly below filling a reversal box, I handle it by setting my GTC price at least 1% above the price that would fill the box. There is no absolute answer...it depends on your risk tolerance..but beware of a small move on a new day filling the box, and then a subsequent intraday reversal to follow the primary trend that has been existing.