sheriff, you have the entries and initial sl right, but appear to still be in pursuit on the exits. let’s see if we can catch this guy. here’s where i think you start to go wrong, “Placing t/p for all 3 positions with 3 different t/p.” tp applies to only one of our three positions. we call that one “take profit.” the other two are managed by trailing stops based on points on the chart called quarters, i.e, prices ending in 00, 25, 50, or 75, and we call position 2 “air” and position 3 “retrace.”
it may help us to separate our thinking into two parts: part one is when we intially set up and part two is after our first profit. when setting up, we will want our buy/sell stops and our sl the same on all three positions. if trades are triggered, three things can happen: 1. they don’t move and we just patiently wait until one of the other things happens, 2. they move against us and sl is hit for all three positions, 3. they move in our favor enough so that position 1 hits tp. remember, tp applies only to position 1.
now that position 1 has taken a profit, we shift our thinking into part two. we just took a profit and still have two positions open, air and retrace. this is when we engage our quarters theory and move stops on both remaining positions to the nearest quarter that would give us either a small loss or a win. don’t risk a sizeable loss here. i always favor an sl that holds on to a few pips, but if you want to risk a few to see if you can get further, your call. for example, if you had long entries at 125.20 and price rose to 125.50, you would tp on position 1 +30. that would be the tp point you determined when you initially set up, i.e., nearest quarter that give you at least +25. now, you need to move stops on your other two positions. your choices are to set stops at 125.00 where you would now be risking -20 on each of your two remaining positions or set them at 125.25where you would have less wiggle room but would lock in +5 on each position.
from here, once again, three things can happen: 1. movement stall, be patient, 2. prices reverse and take out our positions at small loss or win, whatever decision we made, 3. additional movement in our favor. if there is additional movement in our favor such that it starts crossing quarter lines, we then start trailing position 2 at every quarter behind it and position 3 at every half behind it. example, our long entries from 125.20 see prices rise to 126.00. we now set sl for position 2 at 125.75, which is the nearest quarter behind it, and we set position 3 sl at 125.50, which is the nearest half behind it.
people tell me this is easy once the light bulb goes on, but you may have to read post 1 and this resonse several times. if you can download and attach rpotor’s ea, it will help. i am using v3.21. when a new day begins, attach the ea and it will establish all entry stops, long and short. i think it may also move the air and retrace stops. can’t say for sure because i don’t think we’ve had enough profit anywhere for me to see stops move. lol. hopes this helps. good luck.
