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Originally Posted by Trader83
Hi! I'am testing Phoenix 5 on live account, and I've got a proposal.
As you could notice, very often opened position go against us for 20-30 and more pips before hitting take profit, or it hits stoploss. For example,Phoenix buys at 1.2900. Then the price goes to 1.2870 (-30 pips float) and later it reaches 1.2942, or again reaches 1.2900 and goes down until stoploss is hit without any profit.
So, we can use that by putting buylimit order at 1.2870 (after position at 1.2900 is opened) with the same stop loss as the first position has, that is 1.2900-84pips=1.2816, and take profit 1.2942 or just at break even point 1.2900. Therefore, in that situation we receive additional profit, and we can reach very good gain/loss ratio, even 2:1 unlike it is now 1:2 or 42/82.
Please, give your comments.
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I am trying to understand your suggestion and I don't see how you decided to set the buylimit. I'm still eating breakfast so I'm not a little disoriented early morning.
Since I am not understanding, I will explain an idea that is similar but not the same, maybe someone else will understand us both. Maybe I will read this again in 2 hours and I will understand.
Phoenix is currently limited to 1 trade per currency. An alternative would be changing Phoenix to having 1 trade with SL = potential loss, and then enter additional signals as they come in. If our risk on the first trade is 0 pip, and we receive an opposite signal, should we execute the signal?