Please see attached chart pic and imagine the squiggly blue line is actually a straight line and represents a "stop price".
I have developed a trading system that trades the price back in the direction of the "baseline" when it deviates from it, in this case a "trending baseline".
The automated strategy I have to trade this chart will enter multiple positions on the "wicks" and take profit on set retracement levels from entry.
At present I can program multiple retracement entries on these wicks and these entries will occur anywhere on the wick and I can attach a specific take profit to each retracement, but the problem is I only know how to attach a stop loss of x amount of ticks for each entry.
In simple langauge, I am looking to set a stop loss of max 300 ticks for each entry that occurs on the wicks, if an entry happens on say 200 ticks from the baseline then the stop should be 100 ticks, if the entry is 50 ticks away from the baseline then the stop should be 250 ticks away (so basically any trade that happens on the wick, at whichever level, should have a fixed stop loss; but because these entries are happening randomly on the wick, i cannot define a specific stop loss for each entry.
So my thought is in this language:
Set stop loss for each new order at open of current bar + 300 ticks
or
Set stop loss for each new order to close of previous bar + 300 ticks
This way every single trade entered on the wick will have a stop loss that is at the same price, no matter where on the wick it was entered.
Hope you can help!
Kind regards, Jason, DTB
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