Hello there!
Today, we shall be discussing how to set your trades and get them filled even while you are at work or away from the computer using a special type of order.
Without much ado, let’s get started.
If the entry points have not been reached, it may be dicey to enter a trade in expectation that the trade will move in your direction. What you will do is to PEND the order. There are basically two (2) types of order – Instant and Pending order on the MT4 platform. You can read more about order form MT4 platform help by pressing f1.
We will be using the BUY STOP & SELL STOP pending orders. If we have the following conditions:
Current price = 1.7280
R1 = 1.7332
R2 = 1.7392
You should place a BUY STOP 10 -15 PIPs away from R1 with 10 PIPs STOPLOSS below it. Your TAKEPROFIT should be ¼ of the range between R1 & R2. The range between R1 & R2 above is 60 PIPs (1.7392 - 1.7332 = 60). ¼ of 60 is 15. Hence you add 15PIPs to your BUY STOP entry to get the TAKE PROFIT.
Note: TAKE PROFIT & STOPLOSS are not fixed but recommendations that have worked for me. You can have yours too.
The converse is true for a SELL STOP order. You sell 10 – 15 PIPs below a support and use ¼ of the range between S1 & S2 for TAKE PROFIT.
Tomorrow, we shall be discussing the break out strategy and the best time to catch it.
I will like to draw the curtain here for today. Meanwhile, more experiences await you.
Till then, keep on making and keeping those PIPs.
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Hassan Ismail,
CEO/MD Income Legends Concepts
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