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Best way to flip from Long to Short?
Mar 24, 2019 at 08:28
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8 Replies
Member Since Oct 29, 2017
10 posts
Mar 24, 2019 at 08:28
Here is an example of what I am trying to do
Lets say I am long 5 micro lots (5,000) on AUD/USD from .7045 and it has gone up to .7150 I want to flip short but I do not want to flip short unless it hits .7145 and I want to put 5 1/2 micro lots on (5,500)
Do I simply put a stop/loss for 10 1/2 micro lots (10,500) so when it hits, my 5,500 short trade is placed?
Thanks for the help
Lets say I am long 5 micro lots (5,000) on AUD/USD from .7045 and it has gone up to .7150 I want to flip short but I do not want to flip short unless it hits .7145 and I want to put 5 1/2 micro lots on (5,500)
Do I simply put a stop/loss for 10 1/2 micro lots (10,500) so when it hits, my 5,500 short trade is placed?
Thanks for the help
Member Since Mar 11, 2019
6 posts
Apr 04, 2019 at 06:02
Why not hedge it? :D
Member Since Jan 05, 2016
1097 posts
Jun 02, 2019 at 03:51
(edited Jun 02, 2019 at 03:58)
Redwingfan posted:
Here is an example of what I am trying to do
Lets say I am long 5 micro lots (5,000) on AUD/USD from .7045 and it has gone up to .7150 I want to flip short but I do not want to flip short unless it hits .7145 and I want to put 5 1/2 micro lots on (5,500)
Do I simply put a stop/loss for 10 1/2 micro lots (10,500) so when it hits, my 5,500 short trade is placed?
This would be simple to automate.
Just think of the exact steps you would do to complete the task manually.
Write those steps down, and then create a function that does exactly those steps.
It's basically, close the LONG AUD/USD 0.05 ticket when the ASK price falls to .7145,
then immediately open the SHORT AUD/USD 0.06, or wait until the BID price hits it and then trigger it.
It's up to you how you want to handle it.
This is trivial with a simple EA or other trading bot.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
Member Since Jan 05, 2016
1097 posts
Jun 02, 2019 at 04:00
(edited Jun 02, 2019 at 04:00)
PPPStrategy posted:
Why not hedge it? :D
Because hedging isn't permitted in the US where the original poster is located.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
forex_trader_436974
Member Since Jun 13, 2017
51 posts
Jun 04, 2019 at 21:38
Professional4X posted:PPPStrategy posted:
Why not hedge it? :D
Because hedging isn't permitted in the US where the original poster is located.
C'mon Trump! If you're going to get rid of regulations, get rid of that one!
Member Since May 28, 2019
9 posts
Jun 07, 2019 at 10:12
Use a strategy that doesn't require you to flip from short to long and vice versa
forex_trader_436974
Member Since Jun 13, 2017
51 posts
Jun 08, 2019 at 02:14
MaximePips posted:
Use a strategy that doesn't require you to flip from short to long and vice versa
So when the market is going the wrong direction, you just sit and watch? Not a very good strategy in my opinion.
Member Since Jan 05, 2016
1097 posts
Jun 10, 2019 at 01:46
ForexScreamer posted:MaximePips posted:
Use a strategy that doesn't require you to flip from short to long and vice versa
So when the market is going the wrong direction, you just sit and watch? Not a very good strategy in my opinion.
It could also be a situation where a trader opened a LONG ticket and then realized it should have been SHORT but they hit the wrong hot key by accident, and they need to reverse the trade real quick.
Small scripts like that are extremely useful to have in the trading toolbox.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
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