Hi, I am having difficulty implementing a stop loss strategy, which is as follows:
EXAMPLE on DAX
I open a SHORT at 13,300 with an initial STOP LOSS = 10, so I will get stopped if price rises to 13,010.
But then I want to say, IF price moves down to 12,990, then move the stop level from 13,010 down to 13,000.
I then want to introduce a tiered approach such that, if
- Price reaches 12,950 (X), set stop loss at 12,970 (Y)
- Price reaches 12,930 (X), set stop loss at 12,960 (Y)
I will use X and Y as variables to denote the Current Price and StopLoss levels which I can set based on certain conditions, but I am using fixed prices here to illustrate my point.
I am using the SET STOP pLOSS X pTRAILING Y instruction to do the above, but this doesn’t work.
Would be grateful if anyone can help with how I can code this simple example.
Thanks!