50 Fibo touch/cross trade partial exit help.
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Hey,
I am looking for someone to have a look at this algo and offer some advice. I am pretty new to this and know I have a lot to learn.
What I would like to happen on a 1 hour chart is this :
If there are buy trades open and the current candle touches or crosses the 50 Fibo Level, the trade is partially closed and a stop loss is placed at break even. The opposite for a sell trade - if a sell trade is open and price comes down and touches or crosses the 50 fibo level, the trade should partially close and move stop loss to break even.
The fibo object will be drawn manually and renamed fibo1 to match up with the condition.
I understand in the shared link that I have close trades rather than partial close but I feel like I need to get the trade to close properly before I can move on to connecting the partial close section.
https://fxdreema.com/shared/WqOHHfL9c
Thank you for looking at this post and extra thank you for those that offer advice, I am eager to learn and get better at working with FxDreema.
Cheers
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These are my suggestions.
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Remove 'Once per tick' blocks. They are not necessary when the whole project is on the 'On Tick' tab.
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Add two 'For each trade' above every 'close (partially)' block. One for But and the other for sell only trades. Pink blocks should always be under one 'For each trade' block.
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Don't use two 'Break even' blocks if both have to do exactly the same (as is your case). Just use one an connect both blocks 259 and 260 to it.
Hope it helps.
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Thank you for your reply, I have changed the stuff you have mentioned so that has tidied up the flow a bit better.
Down to the functionality of the algo, can you offer advice on the settings for the fibo condition? Like I mention I would like the trades to close partially once there is a cross of the 50 fibo line.
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Try this:
