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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 think it is very good idea and would generate some additional profit ..........if not extra loss sometimes
You can calculate yourself manually whether price will move 'for your idea' or against on simple backtested open chart.
Easy to do is to apply this MT4 'distance measure technic':
1.Click center weel of your mouse on the Bar the trade is open (get crosshair)
2.Click and hold left mouse button and move it ot next point of interest bar
and MT4 will display distance from your previous click in format... ....bars/pips/price
This is simple and you can estimate % of ....for you/...against you
and have some basic results for your idea for say 100 trades and post it here