How to set a fixed stop and limit

• 07/12/2018 at 11:55 AM #75864
  foxfutures

  Hi there!

  Just arrived as a new member. Hoping to get an answer to my question. I trade Forex on 3 hrs timeframes at fixed times: 7 am and 10 am.

  I wonder how I could set a fixed stop of 7 pips below the second bar before the opening of the trade. For instance: when I open a trade at 10 am, I would like to set my stop 7 pips below the “low” of the 4 am bar.

  I hope anyone can help me out!

  Thanks in advance!

   

  

  foxfutures

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  07/12/2018 at 2:11 PM #75875
  robertogozzi

  IF YourConditions AND Not OnMarket THEN BUY 1 CONTRACT AT MARKET SET STOP PLOSS (abs(close - low[2]) / pipsize) + 7 ENDIF

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  IF YourConditions AND Not OnMarket THEN    BUY 1 CONTRACT AT MARKET    SET STOP PLOSS (abs(close - low[2]) / pipsize) + 7 ENDIF

  Since you cannot be sure the second previous bar is lower, this will set a SL anyway.

   

  

  robertogozzi

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  07/13/2018 at 10:33 AM #75903
  foxfutures

  Thank you very much! This helps me a lot.

  

  foxfutures

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