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Moving SL and TP levels |
dedalus
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Post subject: Moving SL and TP levels |
Post rating: 0
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Posted: Tue 24 May, 2011, 00:50
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User rating: 0
Joined: Tue 24 May, 2011, 00:41 Posts: 38 Location: United KingdomUnited Kingdom
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Dear Support,
I understand the new rules which prescribe a minimum of 10 pips from either the market price or the entry price; nevertheless, I think it would be more real and relevant to apply either or not both.
As an example: I enter my trade and I agree that posing a very close SL dramatically increases chances of the SL to be triggered; I also agree that this would represent more a gambling strategy, rather than a trading strategy.
On the other hand, suppose I enter the trade with a 100pips profit and, say, a 20 pips SL.
Let us assume the price moves in my direction and I am 10 pips from my TP (therefore 110 pips from my SL); why should I stick to my original SL and/or move it of only 10 pips (since the maximum allowed is always 10 pips from entry price)? In reality, miming an actual trade, I would rather move my SL substantially.
I agree we want to stick with the 10 pips rule: so I think it is reasonable to let move the SL max 10 pips from the entry price OR 10 pips from current market price, if price has moved in our favour.
Would you agree on this point?
Thanks, I hope I have been clear enough.
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Contest Support
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Tue 24 May, 2011, 15:42
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User rating: 8
Joined: Wed 21 Apr, 2010, 10:42 Posts: 1167
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dedalus wrote: Dear Support,
I understand the new rules which prescribe a minimum of 10 pips from either the market price or the entry price; nevertheless, I think it would be more real and relevant to apply either or not both.
As an example: I enter my trade and I agree that posing a very close SL dramatically increases chances of the SL to be triggered; I also agree that this would represent more a gambling strategy, rather than a trading strategy.
On the other hand, suppose I enter the trade with a 100pips profit and, say, a 20 pips SL.
Let us assume the price moves in my direction and I am 10 pips from my TP (therefore 110 pips from my SL); why should I stick to my original SL and/or move it of only 10 pips (since the maximum allowed is always 10 pips from entry price)? In reality, miming an actual trade, I would rather move my SL substantially.
I agree we want to stick with the 10 pips rule: so I think it is reasonable to let move the SL max 10 pips from the entry price OR 10 pips from current market price, if price has moved in our favour.
Would you agree on this point?
Thanks, I hope I have been clear enough. Right you are. But in the situation you refer to you actually CAN move the SL closer to the current price. You are not limited by a 10 pips increment. The 10 pip constraint applies only during the initial setting of the Stop-Loss order. Then it applies only in a sense that when you modify the SL manually, you cannot set it >10 pips away from the current market price. Conversely, if the market price went 100 pips away from the entry, you can easily adjust the SL by 100 pips as well.
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dedalus
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Wed 25 May, 2011, 00:15
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User rating: 0
Joined: Tue 24 May, 2011, 00:41 Posts: 38 Location: United KingdomUnited Kingdom
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Dear Support,
Thanks for your kind and prompt answer.
Are you sure it is possible to move the SL for a price < initial price +/-10 pips (long/short position) as long as the current market price is at least 10 pips away?
I entered a short position on EURUSD to check; entry price: 1.41024 SL @ 1.41156. the price arrived up to 1.40932 (Ask), so I should have been able to move the SL up to 1.41032, if I understood well.
Still, I could not move the SL price further than 10 pips from my entry price. The attached file shows the problem with evidence.
Please, will you be so kind to look into that?
Thanks in advance and best regards.
Attachments: |
SL problem.png [292.59 KiB]
Downloaded 652 times
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Guest
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Wed 25 May, 2011, 06:51
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User rating: -
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Good question. Does it mean that Dukascopy's will not penalise for any SL move ? If it is so, please enable auto set trailer to prevent more manual setting after its initail SL setting constraint. Then, is it possible to move the TP after it has moved without penalty?
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Contest Support
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Wed 25 May, 2011, 13:58
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User rating: 8
Joined: Wed 21 Apr, 2010, 10:42 Posts: 1167
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dedalus wrote: Dear Support,
Thanks for your kind and prompt answer.
Are you sure it is possible to move the SL for a price < initial price +/-10 pips (long/short position) as long as the current market price is at least 10 pips away?
I entered a short position on EURUSD to check; entry price: 1.41024 SL @ 1.41156. the price arrived up to 1.40932 (Ask), so I should have been able to move the SL up to 1.41032, if I understood well.
Still, I could not move the SL price further than 10 pips from my entry price. The attached file shows the problem with evidence.
Please, will you be so kind to look into that?
Thanks in advance and best regards. We will check it and fix.
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Contest Support
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Wed 25 May, 2011, 14:02
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User rating: 8
Joined: Wed 21 Apr, 2010, 10:42 Posts: 1167
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Guest wrote: Good question. Does it mean that Dukascopy's will not penalise for any SL move ? If it is so, please enable auto set trailer to prevent more manual setting after its initail SL setting constraint. Then, is it possible to move the TP after it has moved without penalty? Stop-Loss orders CAN be moved. However, only towards tightening (i.e. in the direction of the trade). There are no penalties for the manual movement of SLs. Since recently, Take-Profit orders can be moved as well. Still, the automated trailing step is not anticipated now.
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dedalus
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Wed 25 May, 2011, 16:42
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User rating: 0
Joined: Tue 24 May, 2011, 00:41 Posts: 38 Location: United KingdomUnited Kingdom
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Contest Support wrote:
We will check it and fix.
Thank you very much and congrats on a great contest getting more and more challenging, interesting and pedagogical.
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dedalus
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Thu 26 May, 2011, 02:39
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User rating: 0
Joined: Tue 24 May, 2011, 00:41 Posts: 38 Location: United KingdomUnited Kingdom
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Dear Support,
Thank you. Now it works as expected.
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Guest
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Thu 26 May, 2011, 17:05
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User rating: -
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Hi Support Quote: The 10 pip constraint applies only during the initial setting of the Stop-Loss order. Then it applies only in a sense that when you modify the SL manually, you cannot set it >10 pips away from the current market price. I could not move SL inside the opened price, that is: say my eurusd entry price was 1.4141 and the current market price is moving in my favor at 1.4085; but I could move the SL to 1.4120. A message said, "SL /TP are to be at least 10 pips". It was >30 pips from market price. How come? Kindly explain.
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Contest Support
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Post subject: Re: Moving SL and TP levels |
Post rating: 0
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Posted: Thu 26 May, 2011, 18:41
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User rating: 8
Joined: Wed 21 Apr, 2010, 10:42 Posts: 1167
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Guest wrote: Hi Support Quote: The 10 pip constraint applies only during the initial setting of the Stop-Loss order. Then it applies only in a sense that when you modify the SL manually, you cannot set it >10 pips away from the current market price. I could not move SL inside the opened price, that is: say my eurusd entry price was 1.4141 and the current market price is moving in my favor at 1.4085; but I could move the SL to 1.4120. A message said, "SL /TP are to be at least 10 pips". It was >30 pips from market price. How come? Kindly explain. We are aware that that time of issue may appear. It's currently being fixed. Should be rectified with the next platform's update
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