Open AUDCAD Sell Trade

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I opened an AUDCAD Sell trade on 2025.01.02 18:48:14 on the 1HR chart and set the stop loss 0.89750 level,also the take profit level 0.89180. I,ve included a screenshot of the chart & highlighted a yellow circle where the take profit level was reached/toched by a doji candlestick,but the trade never closed,reversed back up and hit the stop loss resulting in a loss on the demo account.It is infuriating that this occurs,but does happen. I know about slippage when price moves to fast the platform can not compensate quick enough to close out the trade, but because i was not watching the price action speed,i have no way of knowing how price moved,even do the take profit level was breached.Since metatrader has no garruntee stop loss only stop loss slippage will happen. If anyone has any other suggestions i,m open to opinions?
 
HqffKT3437yP9MV065fI: I opened an AUDCAD Sell trade on 2025.01.02 18:48:14 on the 1HR chart and set the stop loss 0.89750 level,also the take profit level 0.89180. I,ve included a screenshot of the chart & highlighted a yellow circle where the take profit level was reached/toched by a doji candlestick,but the trade never closed,reversed back up and hit the stop loss resulting in a loss on the demo account.It is infuriating that this occurs,but does happen. I know about slippage when price moves to fast the platform can not compensate quick enough to close out the trade, but because i was not watching the price action speed,i have no way of knowing how price moved,even do the take profit level was breached.Since metatrader has no garruntee stop loss only stop loss slippage will happen. If anyone has any other suggestions i,m open to opinions?

I am assuming that this is regarding a manual trade, but that you don't monitor and are unable to apply a set number of exit rules for such cases. So, the first thing I would suggest, is that you define the exit rules for your trading given different situations, including this one.

For example, if a T/P is only temporarily hit but the position not closed due to high volatility or low liquidity, what should your strategy's trade rules be?

Would it be to manually close the trade as soon as the volatility/liquidity/spread has settled? Or to close it on the start of the next bar, or to do a partial close only, or set a different stop-loss? Or to revaluate the signal, or what ever other exit rules ou wish to implement?

Once you have established your rules, you put them in practice, either manually if you are monitoring the trade, or via an support EA, so that when you are absent it would monitor these conditions for you and carry out the exit rules.

EDIT: You could also implement trailing stop as another possible exit rule. The important point, is that you define your exit rules for various situations that might come up.

 
HqffKT3437yP9MV065fI:  the take profit level 0.89180. but the trade never closed,reversed back up and hit the stop loss resulting in a loss on the demo account
The Bid hit the TP level, the Ask did not. You buy at the Ask and sell at the Bid. Pending Buy Stop orders become market orders when hit by the Ask.

  1. Your buy order's TP/SL (or Sell Stop's/Sell Limit's entry) are triggered when the Bid / OrderClosePrice reaches it. Using Ask±n, makes your SL shorter and your TP longer, by the spread. Don't you want the specified amount used in either direction?

  2. Your sell order's TP/SL (or Buy Stop's/Buy Limit's entry) will be triggered when the Ask / OrderClosePrice reaches it. To trigger close at a specific Bid price, add the average spread.
              MODE_SPREAD (Paul) - MQL4 programming forum - Page 3 #25

  3. Prices (open, SL, and TP) must be a multiple of ticksize. Using Point means code breaks on 4 digit brokers (if any still exists), exotics (e.g. USDZAR where spread is over 500 points), and metals. Compute what a logical PIP is and use that, not points.
              How to manage JPY pairs with parameters? - MQL4 programming forum (2017)
              Slippage defined in index points - Expert Advisors and Automated Trading - MQL5 programming forum (2018)

  4. The charts show Bid prices only. Turn on the Ask line to see how big the spread is (Tools → Options (control+O) → charts → Show ask line.)

    Most brokers with variable spreads widen considerably at end of day (5 PM ET) ± 30 minutes.
    My GBPJPY shows average spread = 26 points, average maximum spread = 134.
    My EURCHF shows average spread = 18 points, average maximum spread = 106.
    (your broker will be similar).
              Is it reasonable to have such a huge spreads (20 PIP spreads) in EURCHF? - General - MQL5 programming forum (2022)

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