Best way to flip from Long to Short?

Redwingfan

Ahli sejak Oct 29, 2017 10 hantaran

Mar 24, 2019 at 08:28

Ahli sejak Oct 29, 2017 10 hantaran

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

Wreeves

Ahli sejak Apr 03, 2019 10 hantaran

Apr 03, 2019 at 10:03

Ahli sejak Apr 03, 2019 10 hantaran

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

PPPStrategy

Ahli sejak Mar 11, 2019 6 hantaran

Apr 04, 2019 at 06:02

Ahli sejak Mar 11, 2019 6 hantaran

Why not hedge it? :D

Professional4X

Ahli sejak Jan 05, 2016 1097 hantaran

Jun 02, 2019 at 03:51 (disunting Jun 02, 2019 at 03:58)

Ahli sejak Jan 05, 2016 1097 hantaran

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.

Professional4X

Ahli sejak Jan 05, 2016 1097 hantaran

Jun 02, 2019 at 04:00 (disunting Jun 02, 2019 at 04:00)

Ahli sejak Jan 05, 2016 1097 hantaran

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

Ahli sejak Jun 13, 2017 51 hantaran

Jun 04, 2019 at 21:38

Ahli sejak Jun 13, 2017 51 hantaran

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!

MaximePips

Ahli sejak May 28, 2019 9 hantaran

Jun 07, 2019 at 10:12

Ahli sejak May 28, 2019 9 hantaran

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

forex_trader_436974

Ahli sejak Jun 13, 2017 51 hantaran

Jun 08, 2019 at 02:14

Ahli sejak Jun 13, 2017 51 hantaran

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.

Professional4X

Ahli sejak Jan 05, 2016 1097 hantaran

Jun 10, 2019 at 01:46

Ahli sejak Jan 05, 2016 1097 hantaran

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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