Close percentage
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When I have a certain target in mind and its reached it is very well possible the price continues in the direction I want. For example at a 161.8% fib level. Price will fall back or breaks the level and moves to 261,8%. To take advantige of this I would like to calculate the nr of pips to get to 161,8 in advance and put that nr in the block >(in loop) pips away (in profit)< Now here is the thing. When price falls back 10 pips I would like to close 50% of the trade to give the other 50% a chance to break the 161,8 a second time. This very often happens around these fib nrs.
A trailing stop in this case is not an option because we will never know how the price moves until 161,8 is hit. When it fails a second time I would like to close the trade for the remaining 50% 20 pips lower (or higher in case of a sell) away from the 161.8 level. In short its a rverse trailing stop but with still a part left to get a better price.
Is there a block for that wich I overlook and if not can it be done in a combination of blocks. I am using Mt4.
Thanks in advance and looking forward to a solution for my head spin.
Erik
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You can check this: http://fxdreema.com/forum/post/2955
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Very nice but still missing the fact that reducing needs to happen after a fall back created in the pink block.
So 50 pips away as put in pink block reduce 50% of the trade 10 pips lower from target hit.
And maybe a picture says more than words
Erik
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reduce.jpg -
