Trying to code a "trailing" Take Profit

• 01/17/2019 at 3:35 PM #88951
  PastaPesto

  Hi,

  I am struggeling trying to code a kind of “trailing” TP but just cannot get it to work. My thought about this is the following:

  1. Price misses my Take profit and goes the wrong way.
  2. I dont want to use a traditional Stop Loss. Instead I want to have a trailing TP that moves down when prices reaches a trigger point. In that case the price has a chance of recovering a bit and the loss is a bit less.
  3. If price doesnt reach the new TP, there is a new trigger level lower down and a new TP is set.
  4. It in a way works the same as a trailing SL but the opposite.

  As said my thought is that maybe I can reduce my losses a bit if price recovers a bit before going further down. Maybe 🙂

  I have tried many things but I feel nothing that I can even post here because I havent even been close of solving this. It seems that a Set TP cannot be changed so I tried to use some kind of “newTP”. I couldnt even get the “trigger” to work propably .

  Please take a look at my picture to see what I mean. Do you have any thoughts? Is it worth working on?

  BR

  PastaPesto

  

  PastaPesto

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  01/17/2019 at 5:07 PM #88975
  robertogozzi

  You’re LONG, but price does not reach TP (#1). How can a lower price be a new TP (#2) since you’re now suffering a loss?

   

  

  robertogozzi

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  01/17/2019 at 5:22 PM #88978
  PastaPesto

  Hi Roberto,

  Thank you for your reply. I will try to explain a bit further.

  • 1. The word TP is of course wrong in this situation as it will be a loss, but some also use the word trailing stop loss even though it is not a loss 😊. Have you looked at my picture? I tried to show what I mean there. I can understand it is hard to figure out exactly what I mean, but the price is going the wrong direction and instead of taking a loss at the stop loss level I try to give price a chance of recovering a bit before stopped out.
  • 2 I am suffering a loss, price in the picture moves down when Im long in the  arket.

  

  PastaPesto

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  01/17/2019 at 5:37 PM #88981
  Vonasi

  Pending orders won’t work. Sell if close is above your new TP(?) price will so maybe using MTF to trade in a faster time frame would achieve what you want.

  In reality I think you will achieve a big loss as price bounces back and fails to hit your new TP(?) and continues lower and then misses your next new TP(?) on another bounce and so on and so on. In reality you are trying to only cut off four fingers instead of five while catching a falling knife and end up losing an arm instead.

  

  Vonasi

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  01/17/2019 at 7:18 PM #88987
  PastaPesto

  hahaha, thank you Vonasi for saving me some time as well as a couple of fingers 😂

  Thank you for replying!

  

  PastaPesto

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