My trade was triggered on 2/8/2012 shortly after setting the orders, that is after 00:00 GMT
i think the long order already hit your SL right before you take the short?
Oh, mine was 0500 GMT.
Again these are entries for today
I was short at 1.0447 with SL 1.0475 and long 1.0542 with SL 1.05
The short was triggered but SL was hit. Question is what if after the SL gets hit, the price goes back again to your initial short entry 1.0447? Do you take another short?
Oh, according to pipwoof’s statement (page 1 #1) under “DISCRETION”, it might be beneficial if reversal, so i will take it.
I see that currently the stop of the 2nd position is at 0.25 exact levels and the stop of the third position is at 0.5 exact levels.
What if we replace these with 2 trailing stops - 37 pip stop for the 2nd position (the average between its min -25 and max - 50) and 75 pip stop for the 3rd position (the average between its min - 50 and max - 100)?
Won’t we get a similar performance but without the need to watch the charts all the time?
Just my 2 cents 
Like over the course of the same day? So let’s say I place a pending short, it gets filled, then stopped out. After a few hours, but still the same day, market retraces and a new short would be triggered at the same price? Nope, in that case I won’t trade it again. One day, one trade in a given direction on a given currency pair. However IIRC, this is a “grey area” and it’s kind of a judgment call. This is what I prefer, other traders may open a new position even if they had a stop lossed order already on a given day. Matter of personal preference, I think.
Ummm, I think for the 3rd position (Retrace) the min SL is -50 but the max is just -75, not -100, because it “jumps” by halves.
This might be a good idea however, but let’s see what our guru, pipwoof says about it.
Congrats, Pipwoof. For your 2nd month victory in the best trading system. Will you come with another system for a 3rd win !!!
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As a follow up to this, I’ve checked on mql4 forums and it seems that with an EA it’s not possible to set a trailing stop automatically. Trailing stop seems to be a “manual-only” thing, so you can only set it by yourself. Also, trailing stops are only active if your MT4 client is running. It’s not like a normal stop loss which you can “set and forget”, trailing stops only exist locally, while normal stop loss is set on the broker server.
The Retrace Stop could be up to 99 pips away from the current price - if the current price is 1.2349, your last retrace stop will be at 1.2250 (for a long position).
That’s why 75 will be the average
RPpotor, I have sent you an email so that i do not distract flow on this thread which might help in setting the trailing stop on the EA
Just to clarify -
Stoploss on AIR & RETARCE positions can be set automatically as it driven by rules. Its not difficult to code it, I have already done it.
morning. well, it didn’t exactly rip off in a direction, did it?
g/j, sell 121.71, 3 positions open with stops at 122.00
a/u, sell 1.0445, stopped 1.0475 -30, -30, -30
e/u, dodged a short entry by mere tenths, but wasn’t triggered on my platform
g/u, sell 1.5528, 3 open with stops at 1.5575
when looking back to record results, i took only one trade per day. without anything definitive to suggest one way or the other, i left it to trader discretion. personally, short chops are our enemy and i don’t want to get into a series of small moves one way then the other where i might take two or three losses. most of the time i will tend toward conservative decisions. but, those are far from always right, i.e., on our recent big day, i had tight stops that cost some additional pips.
I am following this thread since beginning (posting not often though ) and have coded EA on this strategy. It set SL & TP on TP position and moves SL automatically on AIR & RETRACE positions. So overall it doesnt require any manual intervention in SL/TP except the “judgment call”.
Currently I am testing it out and will post the code here soon for you guys to test it out and suggest in case I missed out anything or any improvement.
after initial stops and excluding a judgment call, that is correct. note that, after tp hits, stops are moved to “near be.” this is where we decide to risk a few or lock in a few. if someone is trying to code this, my conservative posture would suggest keeping +10 or more, but am open. once we are beyond initial stops and this “near be” decision, retrace will only be found at 00 and 50 points and air and retrace will never share the same stops. good work, all.
GU hit SL -138 pips (3*-46)
I have been entering my trades multiple times on the same day but only if I’ve been stopped out before the New York open( or close to ).
Upon reflection of the last week of doing so, it seems to only have exaggerated my losses. I think this is because of the short term supply and demand levels.
Yes, if you reenter your trade after a stop is triggered, it could catch the beginning of the next big move and garner you some extra pips. Although, in the long run, I don’t think those pips will be enough to overcome the earlier losses.
I am an extra 100+ pips negative because of the reentry trades.
[I]IBFX data - GMT+0 time[/I]
GJ got stopped at 122.000 - result -85 pips -190 today
I only trade 3 pairs, btw, presumably the most profitable ones EJ GJ AU
EJ also running currently
Edit: [B]the AU long was triggered as a reminder, short got stopped this morning[/B]