Best way to flip from Long to Short?

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

Use a new Sell limit order AND a stop loss. The stop loss will close the Buy trade and the Sell Limit will open a new Sell trade

Why not hedge it? :D

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.

PPPStrategy posted:
Why not hedge it? :D

Because hedging isn't permitted in the US where the original poster is located.

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!

Use a strategy that doesn't require you to flip from short to long and vice versa

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.