Optimal Trailing Stops

47 to 62 (1 Hr) will allow enough room to retrace and continue. Less than this can work at times, but you will lose out on the major trends - Be bumped out.

Never use common numbers like 40, 45, 50, 55, 60. The market makers will see the high and low peaks, and force the even commonly used stops to stop out on retracements - It just happens that way.

I like to trade this way. Open 2 lots with trailing stoploss of 47, and stoploss of 37. When the currency moves 30 pips, bring the stoploss to 0 (software programming). When the currency reaches 50 pips profit, cash in 1 lot, but let the second lot ride until either a higher take profit kicks in 100 - 150 pips or the trailing stop stops you out. Using 1 minilot or 1 lot is difficult, either you gain on the small runs, but lose on the large runs, or vice versus.

The shorter the times frame, generally the smaller the trailing stop.

Setting stops at an indicator

Hi All,

Is it possible to set a stop at an indicator value when you send the order??

ie rather than

OrderSend(OP_BUY,Levv,Ask,3,Bid-Stoploss*Points,Ask+TakeProfit,0,0,Red);

use something like

OrderSend(OP_BUY,Levv,Ask,3,EMA10,Ask+TakeProfit,0,0,Red);

If you tried to assign the value of an indicator to a variable and use it as a price (for stops) will you run into problems with the number of dp's etc??

Cheers

I don't quite know what you mean by the number of dp's, but yes, you can do what you are looking for. Do this:

double MyStop = code for EMA10 or whatever;

MyStop = NormalizeDouble(MyStop,Digits);

then

OrderSend(OP_BUY,Levv,Ask,3,MyStop,Ask+TakeProfit,0,0,Red);

Hope it helps!

Cheers,

CS