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Stop losses

 
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lalalinda

Stop losses

Just starting, but haven't figured out how to set a stop loss and target?

Sat, 07/09/2016 - 5:32pm
 
squawk7600

Do you mean that you don't know how to set them up in Alveo when placing a trade, or do you mean where on your chart - in terms of price - should you be placing a stop and target?

 
Sokha

Click on Code after logging in an Alveo platform-->Select Variable and type in your info.

I hope this is what you're looking for. You also can adjust your stop loss and take profit by dragging the line after entry.

10-SL_30-TP.jpg
 
Let'sdance

Hello Sokha,
What would be the ideal stop loss and taking profit? And as always thank you for your contributions to the forum.

 
Sokha

@PPK--

My ideal stop loss depends on the size of a supply and demand zone.

I use a 2% daily ATR + spread above a distal line stop loss for a short-term swing trade (any TF such as 60 min or lower) for sell short and vice versa for long.

I use a 10% daily ATR + spread above a distal line stop loss for a long-term swing trade (any TF such as 120 min or higher) for sell short and vice versa for long.

I usually know the risk before placing a trade, and I can calculate my position size accordingly. I can use either a spreadsheet or a web version position sizing attached link below by placing my stop loss.

My take profit depends on the opposing demand zone--profit margin for sell short. For a short-term swing trade, I will take a profit at 2 targets: T1 at 2:1 reward: risk mechanically and T2 at a HTF opposing support area.

For a long-term swing trade, it depends on a current market condition. I usually take a profit at 2 targets: T1 at 2:1 or 3:1 reward: risk depending on an opposing supply zone and T2 at a HTF opposing support area. Sometimes, I will take 3 targets but not very often.

https://apiaryfund.com/node/18408

http://completecurrencytrader.com/tools/position-size-calculator/

60 min eurusd.jpg Wait for so long and it goes without you!.jpg 15 min supply zone_EURUSD.jpg 5 min SZ.jpg 4hr eurusd.jpg audusd_4hr.jpg Know your RR before placing a trade in advance.jpg
 
Sokha

Some traders are very profitable trading without a stop loss. I can't do that because most of my trades are set and forget. If not, I enter at market order using the code above with a stop loss and a profit taken.

I readjust the stop loss and take profit accordingly, and then I will be done with that trade til either its 1st target is reached or its stop loss is stopped out. If a 1st target is achieved, I will move a stop loss to breakeven for a 2nd target.

https://youtu.be/DOPfoN7dYpc

 
FXGold54

Hi Lalalinda and Welcome to the Hive :)

it looks like mt friend Sokha has your answered covered.

@PPK, stop loss placement is generally going to be based on your system or preference. Most traders will place the Stop above/below the most recent swing high/low. A stop can also be based upon a set number of pips. For example, if the backtesting and implementation of your system, statistically shows that a trade's probability greatly decreases if it goes a certain number of pips against you (point of no return) then you can use that as a stop.

Just a quick disclaimer for Sokha, Apiary Always wants you to use a stop loss.

 
Fmanager007

This website will tell you how to place stop loss and profit targets . Http://www.autofibo.com/