I would like to set a stop loss based on the last bar close instead of the position opening.
I am currently using an algo that stops once my current profit target is reached (thanks @robertogozzi !) but I often miss bigger profit opportunities when the trade keeps going in my direction.
That is why I would like to tweak it a bit
FROM
“Once my daily target is reached, close position and stop for the day”
TO
“Once my daily target is reached, set a STOP LOSS 10 points below close and stop for the day once the strategyprofit is reached (will close when the next condition is met).
2 questions
– Would a STOP LOSS set up as above work? (“Close – 10”)? Or should I write “Close[1] – 10”?
– Would the combination of both work the way I want it to?