moving profit target automatically as moving stop loss to Break Even

• 08/08/2019 at 12:40 PM #104410
  traderrs

  Hello everyone ! I use the following code for break-even trades. This works perfectly (for example: when I have 5 pips profit on the EUR/USD my stop loss change from -10 pips change to +1 pip so I can’t lose anymore on this position:

  startBreakeven = 5 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 1 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread) //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF IF SHORTONMARKET AND tradeprice(1)-close>startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF

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  startBreakeven = 5 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 1 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread)   //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF   //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF   //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF IF SHORTONMARKET AND tradeprice(1)-close>startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF

  I searched this forum but can’t find anything about it. Does anyone know if it is possible to do something similar with a profit target ? For example my system opens a trade as follows:

  Stop loss: 10 pips
  Profit target: 10 pips

  If I lose 5 pips (-5) in an open losing position then I want to move my profit target automatically from +10 pips to -1 pips. From here there are 2 scenarios:

  Losing 1 pip (profit target)
  Losing 10 pips (stop loss)

  Thank you.

  

  traderrs

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  08/08/2019 at 1:05 PM #104413
  robertogozzi

  I never heard about this technique.

  You can use the same code reversing conditions, look for losses and as soon as you reach -startbreakeven you set breakeven to Tradeprice – PointsToKeep.

  

  robertogozzi

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