@HerbertH:
Q. When multiple trades are open (all Buy or all Sell) and one of them hits Half profit, half profit should be taken on the other open trades as well.
Because BreakEven should be set after taking half profit, are the SL and TP of all trades now to be moved to the values of the highest Buy (or lowest Sell) or to those of the trade that initially took half profit?
A. We move our trades stop losses to breakeven after our half take profit is hit, it does get a bit complex when multiple orders are involvedtp, all open orders on the same chart will always have the exact same sl and tp, when you first open an order you set your stop losses and take profits, when you enter a new order you set the stop losses and take profits of all your previous trades to the price of the new entry, this is the case no matter how many signals there are
This moving up of sl and tp does include half tp, meaning if a new trade occurs before your previous trade takes half profit, you take half profit for both trades when the newest trade does
Whenever a half take profits is triggered you move your stop loss up to the entry point of the latest candle, if you get stopped out in that situation the only candle guaranteed a breakeven is the newest candle, some candles may have a slight loss, some may have a slight gain, but thats okay
@SeaBlue: If you trade the system to the letter you’ll make back your losses
Also today I had an epiphony regarding daily trading si its likely I will have one out within a week or two
so much backtesting on the horizon…
@kaboemm: aha you’re very welcome, i’m glad to help, as HerbertH (and pipcompounder I guess aha) said once the half take profit is hit you move the stop loss to the entry price of the order that took half profit, we need to go give enough room for the market to breathe whil still getting rid of the possibility of loss ![:slight_smile: :slight_smile:](https://forums.babypips.com/images/emoji/twitter/slight_smile.png?v=5)
@smacko: They have EA’s for that however you have to have your computer on at all times or be trading from a vps, but I agree it is tricky sometimes, normally what I do is set my alert 3-5 pips before it is triggered so by the time I get to my computer I am just then hitting half tp, I have used a few but they are really complicated, i’ll ask for one on the ea part of this forum
@kbforex: Here is how you do it:
ATR is the perfect dynamic stop and take profit, by calculating the volatility of the struggle between the bulls and the bears at any signal we can give an accurate estimate as to how far price CAN be pulled by either the bulls or the bears
Stop Loss: ATR (14) x .75
Take Profit: ATR (14) (half take profit), ATR (14) x 2 (full take profit)
The way we calculate our ATR values is by looking at the ATR value of the signal we trade, at every close the ATR value of a candle gets set in stone and this is the value we use, to look at the ATR value of a signal move your cursor over the candle and have the data window open, there will be a few numbers behind a decimal probably including some zeros, use ONLY the first two numbers as the value (dont include the zeros before the first number), meaning if the ATR value of a candle is .5361, the number we use is 53 pips, if the ATR value is .0040, the number we use is 40 pips
Now which candle do we use in each signal to determine the ATR for the trade?
Indecision Candles: Use the ATR value of the Indecision Candle
Inside Bars: Use the ATR value of the mother bar
Stars: Use the ATR value of the final candle in the pattern
@traderjosh: yeah it looks like there could be sells on AUD/JPY, EUR/JPY, AND GBP/JPY, we will see ![:slight_smile: :slight_smile:](https://forums.babypips.com/images/emoji/twitter/slight_smile.png?v=5)