Menu

#6 Profit risk: Adjust the profit target to s/r 1, 2, or 3

open
nobody
None
5
2008-02-17
2008-02-17
No

The user should be able to set which S/R level to use as the Take Profit line.

S1 and R1 are the "LOW RISK" lines, and the default setting for the EA since most trades will hit this target and then retrace.

S2 and R2 are the "MEDIUM RISK" lines.
S3 and R3 are the "HIGH RISK" lines.

The higher s2/r2 and s3/r3 lines have more profit potential, since the trade will stay open longer. However, these lines are hit less frequently, making it a higher risk.

NOTE: Flex should also be taken into account, no matter what line is used.

NOTE: The EA should close the position at the safe level, in case of a retracement. Example: the T/P is set to S3. The price moves to half-way between S2 and S3, but doesn't quite hit S3 to close the trade. When the price retreats to S1, the position should be closed to take profits at the safe level, so that we capture at least some of the profits.

Discussion


Log in to post a comment.

MongoDB Logo MongoDB