I seldom take trades overnight, but I do sometimes leave my desk with a bracket order to exit my position while I do other things.
I did both today.
With the awful development in the mideast yesterday I had a feeling we were in for a massive selloff in the markets - this comes from experience of seeing bad news driving markets quickly down over the years.
I entered a short in the NQ around 7.30 p.m last night and had the bracket take me out for a nice profit of 4R late afternoon.
Here’s a video of how to setup a bracket order on thinkorswim.
The bracket orders are very useful if you need to run errands or take care of any other business that might require a lot of your time. Especially on days you have a sense the market might make a one directional move.
The other great thing about the bracket - you don’t have to sit there and watch your paper profits evaporate as your thoughts start racing and you inadvertently close out the position early.
Put the order in and forget about it. I would not recommend doing this all the time but with experience if you have a good sense the market is primed to make a big move then it can come in handy.