Support Board
Date/Time: Wed, 27 Nov 2024 09:59:14 +0000
Post From: Automated Breakeven Stop Losses and Re-entries
| [2023-09-08 18:05:17] |
| User128695 - Posts: 10 |
|
Hello, I am looking (and can't seem to find the right wording to find my answer) for a way to automate breakeven and re-entry positions based on a precise level when taking a trade. What behavior I am looking for is as follows: 1- I notice a long trading opportunity on the NQ at (for example) 15,000 points. I setup my trade and manually place my target and stop loss at the desired levels. 2- As soon as I enter the trade, and the price moves up for more than x ticks, my stop loss moves at the breakeven level (entry level + x ticks). 3- If the price retraces beyond my stop loss, my position is closed at breakeven. But I want SierraChart to retake the trade if it comes back to my entry level (15,000). 4- After my breakeven stop loss is triggered, the price retraces below 15,000 for a while. SierraChart keeps on monitoring the trade and price action, and every time the price reaches 15,000 points, it re-enters the trade automatically, and repeats the logic starting from Point 2 by moving my stop loss at breakeven when price goes over x ticks. 5- This BE/re-entry logic remains in place until the price either reaches my target or my initial stop loss (assuming a position is taken but never reaches the x ticks required to move at breakeven), or until I tell SierraChart to stop monitoring the opportunity. I already know how to automate the breakeven stop loss, what I'm looking for is how to automate re-entries at the same entry price AFTER a breakeven stop loss is triggered. Thanks for the help, and hopefully I was clear enough to make sense. |