Hi Trader83, I am also testing and I like your idea - I was thinking along those lines myself. So is this what you mean more or less?
Price usually goes against initial trade by 20-30pips so why not take advantage of it by setting a buy/sell limit at the same time the buy or sell signal is generated. you could set the TP to the open price say 15-30 pips or let it ride along with the first TP of 42 pips(or whatever). If it isn't hit then have phoenix close it when 1st TP is hit.
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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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