Set value for TP or a risk reward ratio?

[Jowin6789]

Just a discussion point; 

1. do you go for a set take profit target for every trade, say 100pips regardless of your stop loss size, or

2. do you make your take profit level a set ratio larger than your stop loss for each trade, i.e. Risk reward ratio of 1 to 3..

Reason I ask is I had the EA I'm making set to take profit at 130pips regardless of the stop loss size while I figured out how to set the take profit according to the size of the stop loss in each trade. (I'm learning mql4) I had assumed that having a set risk reward would yield better results than a set value of 130 pips regardless of stoploss size but found it's very much not the case in strategy testing! I was quite surprised and wondered if you lot find the same is true??

[Enrique Dangeroux]

It is best to calculate your SL and TP based on market conditions, instead of hoping market conditions will adjust to your hard levels.

Then you can calculate the ratio and dismiss the the trade if the ratio is not to your liking.

Also adjusting levels after entering a trade can be beneficial.

[Jowin6789]

Enrique Dangeroux:

It is best to calculate your SL and TP based on market conditions, instead of hoping market conditions will adjust to your hard levels.

Then you can calculate the ratio and dismiss the the trade if the ratio is not to your liking.

Also adjusting levels after entering a trade can be beneficial.

Thats what I would do if trading manually. Is it possible to get an EA to plot support resistant levels, then set the TP a few pips below/above those lines that the trade would next reach, and reject the order if the TP is less than the stop loss?

[Enrique Dangeroux]

Jowin6789:

Thats what I would do if trading manually. Is it possible to get an EA to plot support resistant levels, then set the TP a few pips below/above those lines that the trade would next reach, and reject the order if the TP is less than the stop loss?

Yes, everything is possible.

See for example https://www.mql5.com/en/docs/constants/objectconstants/enum_object/obj_fibo

On the left of the page you will find various other types, from simple line to a thumb up ...

[Anthony Garot]

Jowin6789:

Thats what I would do if trading manually. Is it possible to get an EA to plot support resistant levels, then set the TP a few pips below/above those lines that the trade would next reach, and reject the order if the TP is less than the stop loss?

There is a theory that you can use moving averages as dynamic support and resistance levels.

[Jowin6789]

[Enrique Dangeroux]

теперь стало наоборот больше угадывает чем проигрывает. лан оставим так.

[Jowin6789]

Enrique Dangeroux:

I'm using MT4, will this https://www.mql5.com/en/docs/constants/objectconstants/enum_object/obj_fibo work in MT4 or only on MT5?