Modify stop loss

[SirLuk]

Hi guys, can anyone help me with this?

Here's what I want. Once a trade opens, I want to modify the stop loss to the following: Trade should close, once a candle CLOSES past my original stop loss...so what this boils down to is actually that candle wicks past my stop loss can't stop me out, only the body can. Thanks for any help.

[l'andorrà]

@sirluk Not sure I fully understand. Do you mean modifying it as soon as a new candle closes AFTER the one i which it was open? I don't see the logic of that strategy.

[SirLuk]

@l-andorrà Best I show it in an example. I go short after the red candle at point 3. My stop loss is 1 pip above the green candle at point 1. What I want is that as soon as the trade opens, it modifies...so that the original stop loss only gets triggered, if a candle closes above the stop loss. In this case, the wick of the red candle at point 2 would not trigger the stop loss. Do you know what I mean?

Basically I want a stop loss level that only activates, when the body of a candle closes above (for short trades) or under (for long trades).

[l'andorrà]

@sirluk Ok. But how is the initial Sl distance calculated? Will you select a specific pips distnace or will it depend on the candle's high/low?