Orders and risk
Entry price
The entry price is the price at which a trade is opened; the stop-loss distance, the targets and the risk are all measured from it.
The entry price is the level at which you open a position. Every other number in the trade is measured from it: the stop-loss distance, the targets, the risk-reward ratio and the final profit or loss. There are two versions of it, the planned entry on your chart and the actual fill your broker gives you, and they are rarely identical.
How you enter decides how far apart the two are. A market order fills immediately at whatever price is available, which can be worse than the chart level in a fast market. A limit order fills at your price or better but may not fill at all. A stop order enters only once price trades through a level, which suits breakouts.
In intraday trading on Nifty, Bank Nifty or MCX crude oil, a signal is usually known only when a candle closes, and the next candle may open away from that close. If the fill is worse than planned, the risk grows and the reward shrinks by the same amount. A trade that was sound at the planned entry can be poor at the actual one.
The common mistake is chasing. Price has already run well past the entry, and the trader buys anyway while keeping the original stop-loss and targets. Decide beforehand how far from the planned entry you will still accept a fill. Beyond that distance, skip the trade and wait for the next one.
Worked example
A late fill on HDFC Bank changes the trade
Illustrative numbers: the planned trade is buy HDFC Bank at 1,900, stop-loss 1,890, T1 1,910. Risk is 10 and reward to T1 is 10, a ratio of 1:1. You are late and get filled at 1,904. With the same levels, risk is now 1,904 minus 1,890, which is 14, and reward to T1 is 1,910 minus 1,904, which is 6. You are risking 14 to make 6, roughly 1:0.43. Same signal, a much worse trade.
In WizeBuySell
Each signal shows an entry level on the chart along with the stop-loss, three targets and the timeframe. The signal is confirmed when the candle closes and does not repaint, so the entry level stays where it was printed. Your actual fill depends on your broker, your order type and your speed. The software has no order placement, so the gap between plotted entry and fill is yours to manage.