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How to set a fixed stop and limit

foxfutures · 2018-07-12T10:55:45+00:00

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!

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ProOrder: Automated Strategies & Backtesting
How to set a fixed stop and limit

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07/12/2018 at 11:55 AM #75864 quote

foxfutures
Participant

New

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!

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

Legend
```
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.
07/13/2018 at 10:33 AM #75903 quote

foxfutures
Participant

New

Thank you very much! This helps me a lot.
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How to set a fixed stop and limit

ProOrder: Automated Strategies & Backtesting

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foxfutures @foxfutures Participant

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This topic contains 2 replies,
has 2 voices, and was last updated by foxfutures
8 years, 2 months ago.

Topic Details

Forum:	ProOrder: Automated Strategies & Backtesting
Language:	English
Started:	07/12/2018
Status:	Active
Attachments:	No files

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How to set a fixed stop and limit

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How to set a fixed stop and limit ProOrder: Automated Strategies & Backtesting

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How to set a fixed stop and limit

ProOrder: Automated Strategies & Backtesting