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Alveo TP & SL traps to watch.

 
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ronhoddo

Alveo TP & SL traps to watch.

One of the Silver 1 challenges is to have 5 consecutive trades of 10 pips profit each.
I set my variables for a 11pip TP to allow for a little slip.
This was to allow me to do a quick entry on the M5 charts.

As the price rapidly approached a pivot point I opened an order window with a market sell. When the price broke the support I Submitted the order. I watched the trade go to 9.6pips profit and then I was cut out of the trade with a 9.4pip profit.

Why did it not go to 11pips to TP. This was some what annoying as I had to start my 5 trades all over again.

The answer lies in the "Market" trade. At the open of the market trade window the TP & SL values are set AND THEY DO NOT ALTER while you wait for an entry point and press the button.

On the other hand the STOP and LIMIT window the TP & SL values are set again but it does not matter as they are set against the value of your entry which is in the future.

I was caught ONCE . I hope you do not fall for this trap.

Ron

Fri, 02/16/2018 - 5:48am
 
archstevej

Wow, good to know. Thanks.

 
archstevej

That might explain some strange losses I had in Silver II on my quest for 5 days in a row of profits.