Break Even and Trailing Stop
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Hi All,
I would like to build the following into my project.
On either Buy or Sell Open:
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When price moves 5 pips in the direction of the trade, break-even is set at trade open price
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After the above; for every 10 pips price moves in direction of trade, stop loss moves in same direction by 10 pips.
So, trade 5 pips up - trailing stop appears at break even - price moves up to 15 pips in profit - stop moves from break-even to 10 pips - price moves to 25 pips in profit - stop moves to 20 pips up etc. etc.
I'm not sure whether this achievable with a trailing stop block only, or a combination of the break-even block and trailing stop, check order block. Can someone show me how this achievable?
Many thanks!
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@sirboyce I think with only trailing block to achieve what you want is if trailing start and trailing distance are equal.
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@trader-philipps Can you screenshot an example, because I don't quite follow you're thinking. Thanks.
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@trader-philipps OK, I have worked out the first bit; getting a break even put in at trade open when trade moves 5 pips into profit by doing this (where check profit is >= 5 pips, and Break even is set to 0% of TP):
That has helped the performance by cutting at break even what would of been a bunch of small losses (typically 5-10 pips) during lower volume, ranging price action, or up and down short-term market volatility.
All I need to do now is add a trailing stop loss block, where the stop loss starts at 5 pips in profit, and moves by 10 pips every time the trade moves a further 10 pips. Could you show me the parameters in the trailing stop loss block please?
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Try this:
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@l-andorrà Thanks for helping me out
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@l-andorrà Thanks for trying. I ran the settings and they didn't quite work the way I wanted them to. Good food for thought though.
On testing, I had a bunch of winning of trades that hit e.g. 30 pips at their peak and closed for 15 pip profit and wanted to add a trailing SL that would perhaps take 20 pips rather than 15. Also, had a number of break evens that easily went above the 5 pip mark, and wanted to add a SL starting there so I could take 5 pips rather than 0.
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@sirboyce Well, trailing is always a compromise as you will never hit the maximum possible profit.
However, as market conditions are changing you may want to give the trade more room to develop on volatile times and get tighter room on flat markets. I like to use ATR as a dynamic trailing approach.
On the other hand you may instead of trailing the entire position scale out the trade by partly closure.
Just keep in mind that doing so may interfere with your risk reward goals! -
@trader-philipps that's what im planning to do as well. Incorporate ATR as a trailing option aside from psar option and pip option. How can i set ATR in fxdreema? May you elaborate? thX!
