Quote:
Originally Posted by Neo
In the instructions for V1, Ash explains how to find the high/low of the candle which is the initial SL for exiting a trade. In V2 the initial SL is the swing high/low, can someone please tell me how to figure out the swing high/low?
Thank you!
P.S. One other question I've been meaning to ask in regards to Ash's Exit instructions and more specifically, about closing half your position and moving the SL to break even.
Since I'm such a newbie, would someone mind explaining exactly how you do this exactly? I assume most people do this using an MT4 platform? This is how my limited understanding of doing this is:
- In MT4: double-click on an open order in the Terminal under Trade tab (or right-click on it and select "Modify or Delete Order" and select "Instant Execution")
- Adjust the lot size (if the order was originally 0.50 and you want to cut it in half, you would change the lot size to 0.25, etc. At this point you can set a new TP and a new SL)
- Click on "Close Order". It then closes your original order and opens a new one (at the desired lot size you selected).
Is this how you do it? The only thing I don't like about this is that it seems that when you do this (the steps I listed above), it changes the lot size of your original order as it closes it to be half of what it originally was. In other words, if I decided to use a 0.50 lot size because my Money Management calculator (a little Excel spreadsheet I made) tells me that I can risk 30 pips as a SL at 0.50 lot size, but then if I close a portion of a trade to secure my wins, I don't want it to close me out at 0.25 lot size (that would cut my profits in half, wouldn't it? I would want it to close the order at 0.50 and then open a new order at 0.25 to continue from there.
I'm not sure if I made sense in trying to describe this. But if if my MM tells me I can risk 30 pips at 0.50 lot size, then I want that full 0.50 lot size when I close my order (even if it's just the first part of my order, but that TP is what I was banking on), as 0.50 lot size will give me twice as much money than a 0.25 lot size, right? |
I will try to answer some of these ?'s... The swing hi and lo means the previous low or hi... if you are going long look for the previous low.. usually where the new PSAR dot has appeared.
Don't use the "modify or delete" use the "close order" to take half off.
When you get the close order screen you can adjust the lot size... say the current lot is 1 you can type in .5 and then you would be closing half the order.
Then you can use the "Modify or delete" to change your stop loss to Break even or whatever you want.
Hope this helps.
