After breaking below both slide parallels of a downsloping , price in gold has retraced into a corrective structure to the broken levels where it was initially rejected. At the same level we have the 0.382 fib retracement of the impulsive downmove as a confluence. That's a nice level to sell gold with sl and tp as shown at the chart. Remember that if price reaches the first tp we move sl at breakeven at second position.
Trade closed: stop reached
G.morning Can You please tell me how to have this order done. I di open this order at I am still doing Demo at 1279 and according SL and first TG, Now You say remember and so on.. How You do that? I did open the first order 0.03 . Now to have the second target Yo say move SL at breakeven fine. Do You mean I do have to open 2 orders of the same amount once I reach the first TG close the first one and keep going moving the SL of the second order at breakeven meaning the starting price of both orders? I hope I made myself clear. I say that because when I usually open let'say 0.06 and reach the first TG sometimes I like to continue with the trade trying to close 0.03 and keep the other half running but what happen is that I cannot separate the order in two parts I mean my MT4 will not do it. I wonder if can be done in a different way. As I said the only way I can do it is taking double risk give two separate orders and hoping for the best. I wonder if there is a way to do different. I apologise could be I do not know how to use yet Mt4 Thank You and I appreciate Your patience
If i have understand correctly you need to know how to place two positions in one setup, right? Well after you have defined your stoploss (risk), you split it in two and that would be risk of each position. When price reaches the first target and the position is closed you move the stoploss of the remaining open position at a level with a tiny profit (breakeven). Let it run with no risk and see if it reaches the second tp. I hope that this helps!
Thanks this is very clear. In other words just as I am doing at the moment but being more careful on the risk to take. For instance open two orders example 0.02 or dividing the percentage i like to risk for 2, what can I say 1% or 2% of the capital and divide it for 2. You see I only have this problem with MT4 but I also use IT Financial for Spread betting and with IT Financial one can open a position with for istance 2 pounds then when reaches the first target closes one pounds and continue with the other one and move the Sl to breakeven. Easy and very practical. The only problem with Spread betting at least the one I use IG Index is that one bets by pounds or dollars no decimals and for a beginner with not a big capital can be a little bit You know.. that is the reason why I use Mt4. Having a decent capital I would never use Mt4. IT Financial I believe is much better, at least for me