Ask somethings about Trailing-stop (manual setup)
I want to know some details about Trailing stop (set up manually)
- Can we set it for an existing order in market close time (Sat, Sun) ? NO, if market is close then you can't trade
- Basing on Ask or Bid is it executed ? OrderClosePrice, depends if it is Buy or Sell trade
- Which kind of price (O/H/L/C) is the base that Trailing stop will be moved forward ? Basically the high and low of the price difference with StopLoss
+ High/Low of current bar (High[0] for Long /Low[0] for Short)
+ Close of previous bar (Close[1])
+ Open of previous bar (Open[1])
* Example:
Current Bid is 1623.62, I place a Buy stop order at 1627.00 and set trailing stop = 400 points.
Please determine:
- My pending position will be executed when Bid=1627 (which means I have to buy at price 1627+spread) or Ask=1627 ? Buy always at Ask open
- Initial stop level is 1623.00 isn't it ? No it is what do you choose as StopLoss
- Assume that Several seconds after the position placed, Bid grows up to 1630.00 (still in the current bar/same bar where position executed):
will the stop level be move upwards immediately to 1626.00 ? no every move upwards will be done with sending an ordermodify and it depends on your trademanager if it is every point or with trailingstep or after breakeven and then and then trailing
Get experience how trailingstop works with one or more of the free trademanagers there are
Additional question:
Assume that we place Pending Buy at 1650.00, set Trailing stop = 200 points but do not set Stop Loss.
If Pending order executed and then the price goes downwards. Will the position be stopped at 1648 ?
Additional question:
Assume that we place Pending Buy at 1650.00, set Trailing stop = 200 points but do not set Stop Loss.
If Pending order executed and then the price goes downwards. Will the position be stopped at 1648 ?
Depends on trademanager if it starts trailing after breakeven then NO
If it starts from OrderOpenPrice NO
If it starts directly trailing on StopLoss then it will modify first the trade with new tick after placing
if modify succeed then that is the stoploss and will trail from that point
There are a lot of ways to manage a trade.... It depends how it is programmed how it is trailing the trade
It is even possible before the pending trade is triggered to trail the pending order with 200 points from price
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I want to know some details about Trailing stop (set up manually)
- Can we set it for an existing order in market close time (Sat, Sun) ?
- Basing on Ask or Bid is it executed ?
- Which kind of price (O/H/L/C) is the base that Trailing stop will be moved forward ?
+ High/Low of current bar (High[0] for Long /Low[0] for Short)
+ Close of previous bar (Close[1])
+ Open of previous bar (Open[1])
* Example:
Current Bid is 1623.62, I place a Buy stop order at 1627.00 and set trailing stop = 400 points.
Please determine:
- My pending position will be executed when Bid=1627 (which means I have to buy at price 1627+spread) or Ask=1627 ?
- Initial stop level is 1623.00 isn't it ?
- Assume that Several seconds after the position placed, Bid grows up to 1630.00 (still in the current bar/same bar where position executed):
will the stop level be move upwards immediately to 1626.00 ?