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additional OP_SELLSTOP or OP_SELLBUY ???

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MisterDog
383
MisterDog  

I would like to add another sell stop / buy stop to take some profits early.

I am placing an order with a take profit and stoploss with code something like this

orderResult=OrderSend(Symbol(),OP_BUYSTOP,lotAmount,somePrice,3,someStopPrice,someTakeProfitPrice,"",Magic,0,clrGreen);

Next how do I take some profit halfway between the order open price and order stop loss? I was hoping to do something like this but it doesn't seem to work. I get a 130 -- invalid stops error.

orderResult=OrderSend(Symbol(),OP_SELLSTOP,lotAmount/2,Ask+halfWayToStop,3,0,0,"",Magic,0,clrGreen);
Eric Venturi-Bloxs
1068
Eric Venturi-Bloxs  

Your SELLSTOP can't work like this.

You have 2 solutions:

1/ You set 2 BUYSTOP at the same price with 1/2 lot size and with different TakeProfits.

2/ You set only 1 BUYSTOP ... and when profit reach your 1st goal, close 1/2 the position.

MisterDog
383
MisterDog  
Thanks for the idea. Option one works great for me.
qjol
3245
qjol  
Eric_:

Your SELLSTOP can't work like this.


sure it can work that way

you have to change to OP_SELLLIMIT not OP_SELLSTOP

Eric Venturi-Bloxs
1068
Eric Venturi-Bloxs  
qjol:

sure it can work that way

you have to change to OP_SELLLIMIT not OP_SELLSTOP



He will end with hedged position which I doubt that it's what he want ...
qjol
3245
qjol  
Eric_:

He will end with hedged position which I doubt that it's what he want ...

i thought about it
maybe he is using a U.S. broker then it will not happen
Eric Venturi-Bloxs
1068
Eric Venturi-Bloxs  
qjol:

i thought about it
maybe he is using a U.S. broker then it will not happen

Yes but what will be the purpose of having an additional SELL position while he just need to do a partial close at Xpips for the initial BUY position ?
qjol
3245
qjol  

i think you dont get it

if he uses a U.S.A broker when the OP_SELLLIMIT gets triggered if he has an open buy position of 0.2 lots the selllimit isn't gonna open another sell of 0.1 lot but it's gonna close 0.1 from the buy position

try for yourself on a demo account with a U.S.A. broker

whroeder1
17122
whroeder1  
qjol: try for yourself on a demo account with a U.S.A. broker
Totally broker dependent. Mine just deletes the pending order on trigger.
Eric Venturi-Bloxs
1068
Eric Venturi-Bloxs  
qjol:

i think you dont get it

if he uses a U.S.A broker when the OP_SELLLIMIT gets triggered if he has an open buy position of 0.2 lots the selllimit isn't gonna open another sell of 0.1 lot but it's gonna close 0.1 from the buy position

try for yourself on a demo account with a U.S.A. broker


Got it! So in this case, you were right : the order must be a LIMIT not a STOP.
MisterDog
383
MisterDog  

Yes I am with a U.S.A. broker.

I have written a program that closes half a position when it gets halfway to the stop. However I want to be able to adjust these two take-profit lines by dragging them. This way I can visually set them exactly where I want them on the chart.

I will try the idea of adding a LIMIT rather than a STOP.

I've also found a good solution by simply opening two orders at the same time. They both have the same stop-loss value. They have two different take profits values. This works well.

Now I can take profit with a quick scalp and be set up for a longer swing trade.

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