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Plan your trades with the Long or Short position tool

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The Long and Short Position tools make it easy to plan and visualize your trades. Set a profit target and a stop loss and see it on your chart. Here are five steps to getting started:

Step 1 - Find and click the Long or Short position tool located on the toolbar to the left of your chart. It's the sixth drawing tool down from the top above Icons and below Patterns.
Step 2 - Click the Long Position tool (or Short Position tool) and then select the exact point on the chart where you plan to go long or short.
Step 3 - A green and red box will appear showing your profit and loss areas for the specific trade you're planning.
Step 4 - Drag or adjust the boxes to create your ideal risk-reward trade. You can make the green and red areas larger or smaller depending on your risk-reward calculations.
Step 5 - Double click the tool or right click and head to the tool's settings to make specific adjustments to the calculation of your account size, risk, entry price, and profit or stop levels.

We hope you enjoyed this quick tutorial about the Long and Short Position tools. The chart we made here shows Bitcoin . It is an example and we are not actually placing the trade. We've also written some notes on the chart to show what's possible with this tool.

In this example, the profit target is the 2017 highs, as seen by the black trendline we drew and green box. The green area shows our profit area and the red area shows our loss area. If price goes into the green area, the trade is profitable. If price goes into the red area, it is a loss. In this example, we placed our stop loss below an important support level .

If you have any questions or comments about using this tool, please leave them in the comments below. If you are already a master at using these tools and have some tips to share with others, please also write them out in the comments. Thanks for reading!
Read more about what we're working on at the official TradingView blog: https://www.tradingview.com/blog/en/

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Comments

could you please provide the rationale for using the quantity & risk fields in the settings, against the computed amount & Qty displaying on the chart (when mouse hovering)?
+8 Reply
Would be great to have a step or % based trailing stop added in these.
+4 Reply
TradingView Zoen_Trieste
@Zoen_Trieste, This is great feedback and we will send it to the team
+1 Reply
Zoen_Trieste TradingView
@TradingView, thanks! Best of luck to the team!
Reply
This doesn't make a lot of sense. You are taking a lot of risk going on hard defined resistance. Just wait for it to break 12,000 and avoid the huge downside. ...
+2 Reply
@tgunit, It's just an example 😉
Reply
Monthly

Weekly

H4
+2 Reply
You guys need to roll up your sleeves and finaly add the feature of keeping the RR fixed from settings, while expanding the tool...
Not to mention ditching two separate tools for buy and sell and make a single one that can flip sides then dragged by middle or the corner
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Or at least make it not appear so streched on zoomed in charts that we need to zoom out to reduce it's width constantly while backtesting.

But I am sure new shape of arrows or text fonts are higher priority and requested more...
+1 Reply
Nice analysis
+1 Reply
Good job
+1 Reply
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