How to set BE based on fibo?
-
Hi guys, i appreciate your help in this trial.
Once a BUY trade is open i draw (manually) fibonacci retracements from high to low of previous candle (viceversa if SELL). My values are:
0 - low candle id 1
100 - high candle id 1
115 - break even at 15% range candle id 1
150 - 50% range candle id 1
200 - 1 time range candle id 1Let's say the BUY trade opens, at candle 0, the initial SL is at 0 fibo (low bull candle id 1) and TP at 200 fibo. If the price hit 150 level, then i need the EA to move the SL from 0 to 115 (BE). Nothing else.
What i did is to set a formula to calculate the range candle id 1 into variables. SL and TP give the levels i look for, but i need help for the BE.
Here is my shared trial https://fxdreema.com/shared/bg1KpJSJcThe problem i have is the "pips away from open" block, since fibo is calculate on previous high, but the open price could be much less if the candle 1 has a big upper wick!
So i cannot know how to calculate the rest of blocks.Can anyone help me pls?
Regards -
I think you can use the difference between TP and SL, because that difference represents 200% and half of it is 100%. Any % value can be easily calculated and Open Price is not used. But when you move SL, there will be new difference between TP and SL, so to prevent second SL move, you can place "once per trade/order".