[B]- SHORT GBP/USD[/B]
[B]- risk/reward ratio 1 : ~2,5[/B]
(stoploss: -250 pips)
(take profit: + 600 pips)
Signals looked good so i left it like that when i had to leave my pc for going to work.
When i came back my profit target was reached and i made +600 pips, which is great so far.
Analysing the trade afterwards showed me that +900 pips would have been possible to get. So 300 pips where left on the table. If i would have been on my pc that time i would have changed my take profit, because signals where still looking good at that time.
Thinking about that problem i came up with the following idea/question:
[B]- Is there an indicator which will automatically delete my take profit and adds a trailing stop to my trade, when my take profit point is reached?[/B]
In my case a really close trailing stop of 50 - 75 pips would have been nice i think.
Of course i could add that trailing stop right from the start, but so far i made bad experiences with it. In many cases it just stopped me out way too early. Or it cuts too much of the room i would give the price action to move around before finally going in my direction.
If it doesnt exist, question to all the coding-professionals around:
[B]Is such an indicator even possible?[/B]
From personal experience trailing stops have never worked good for me. Have a set TP level. Don’t be too greedy where you choose to place it and dont set it for only 20 pips when you know, or have a very good understanding, that price should go 60 pips. I trade with Pivots and S/R so I usually enter on one of those and exit at the next, though if Price Action is showing no stop at the nearest S/R or pivot level I may hold onto my positon and see how much further it will go. Hopefully this helps and remember, on nearly every occasion you would have needed a different trailing stop for the perfect exit so instead try to find a different means of exiting, or be happy with your 60 pips (im assuming your using a 5 didget broker and thats why you’ve made 600 pips today)
I had this same issue, I wanted the trailing stop to begin, only after a certain amount of pips profit had been made. You can do two things:
Watch your price, or setup an alert, for when the price increases/decreases a certain amount of pips, and then set your stop to where you want it to begin trailing, and then setup the trailing.
You can setup on EA that does this for you, so you don’t need to be there. I have coded this, but never used it live. I can send it to you if you would like.
If you use MT4 I can post a trade manager that has multiple TP points, can move your SL after X amount of pips and can start a percentage trailing stop which starts after X amount of pips. The whole thing is customizable to the settings you want.
Your using a 5 didget broker so all your 600 pips is really 60.0 the last didget is a decima. In a way it could be 600 pips still but assuming we trade the sam position size it takes you 10 pips to eqaul my 1, the price is the same its just yours is more precise. Think of price on that trade as 1.5062.5 and a 4 diget price would be 1.5062 (maybe rounded up since it is a 5)
I use “Multi Purpose trade manager” wich has automatic trailing stop or step stop and Intervalls for stoploss and percentage, Look it up, good manual aswell
