Today I would like to setup a trade whereby I test the initial idea of Scaling out and locking in profit.
I am running a demo account with oanda and this is how I have planned the trade: :48:
Sell short 16000 units EUR USD
Set SL above resistance
Buy 8000 units EUR USD at 15 pips lower than original sell short point
this locks in profit for 50% (15 pips)
Still have left 8000 units EUR USD on downward trend until TP / Closed
Question is: buy Buying the 8000units to lock in the profit, when I close the remaining 8000units left short will this close also the Buy order or will I have to close this also?
I am a bit confused as I havent tried this method yet. :38:
Can you check this for me that this is correct way to Scale out using Oanda or general platform please?
Thank you kindly for your helping a new kid on the pip block!
Theoretically speaking, what you’re saying makes sense but Oanda considers this as hedging. Connected, are you using Oanda’s MT4 ? If so right click on your active trade and select “modify or delete existing order”, then edit the “type” to market execution. Enter the amount of lots that you want to close and select close right under buy/sell. In your example you would want to enter 0.08 lots after price reaches 15 pips.
I am indeed using MT4 with Oanda, I will try your technique on my next short! Thank you kindly for the tip much appreciated, I will revert back and let you know how I went on :51:
