Can anyone please shed some light on Trailing Entries Stops. I've read about them in the forum but does not quite understand how to really trade with them. Thanks for the help.
Can anyone please shed some light on Trailing Entries Stops. I've read about them in the forum but does not quite understand how to really trade with them. Thanks for the help.
On the left sideOriginally Posted by ;
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(My definitions) Trailing Entries: We'll assume price is at a upward trend overall, but is currently in a retracement AGAINST that trend (ie is going down), we seem to see a potential stage where the down move might end, and price could start heading back up. This might be an approach to a Moving Average (MA), a Service (or Resistance) area (S/R) or perhaps a Fibonacci retracement level. We could then put an order, either in a point close to your chosen place (in this case it'd be a Buy Limit Order) or set a Buy Stop Order above the area, in the latter case you would be waiting for price to halt its decline and resume the main upward trend.Originally Posted by ;
Trailing Stop: OK, so that the egy has worked. Price hits one or other of your orders and is moving into profit. We are going to assume you have a potential Profit Taking place in mind, and we'll presume its 100 pips away. As price keeps moving in your favour and you ought to be sure you don't give too much back to the broker if price fails to keep its up move. So you decide to set a Trailing Stop (TS) of 35 pips. As soon as your transaction moves into profit, your TS will move up with price - 35 pips behind. With most brokers, the TS will move a pip at one time so when your commerce is 37 pips in profit, your 35 pip TS will ensure at least 2 pips profit. With every new high the TS moves up. If price retraces the TS will remain at its final position.
Depending on your broker you may have to keep your trading platform attached to ensure the TS keeps moving, and some just move the TS every 5 - 10 pips. You'll need to check with your broker
Do not do think I know that. Why not discover and try exactly what you get.Originally Posted by ;
Thank you PeterOriginally Posted by ;
Enjoy your help, when one gets stuck in some thing small help goes the long way. Everybody who is looking for assistance here remains in the learning process, Success will come one day. Thank you Peter once more.
And if no-one had answered mine I might not be here now.Originally Posted by ;
Some stuff is extremely easy to find, though not here, then attempt Investopedia http://www.investopedia.com/search/results.aspx?q=Forex there are some decent articles on a range of FX stuff. Just ignore the adverts. It's not necessary to spend money to snake-oil salesmen when everything you will need is here, somewhere.
I was thinking something like trailing entry will be helpful....didn't realize they exist !Originally Posted by ;
Any broker that has trailing entry you can suggest ?
Thank you very much really.
It's more a language thing, not a regular broker related order kind.Originally Posted by ;
If you're watching price go up, also, for any reason, you want to go short at some time, you can decide on a sell order below price. If price keeps going up, and you still think it's due to fall, you keep shing your market order higher. That way you're trailing your entry. The broker won't place it, you must.
It's like a Trailing Stop (TS), inasmuch that it moves with price but in this situation you're not really in a trade until the order gets hit. Whereas with the TS you're trailing price to protect the profit of a live trade. In cases like this, the broker will do it for you, subject to the conditions I've mentioned previously.