adrianm
19th August 2006, 03:15 AM
Is it possible to implement a trailing stop based on the following concept:
For long trades only, I am interested in closing the position when todays close is lower than yesterdays close (or similar style of exit strategy), but only after a given percentage profit has been attained.
Essentially I'd like to implement this type of trailing stop, but only make this stop effective once a profit level has been attained.
The reasoning behind this is to have the advantage of utilising a profit stop, but also having the felxibility of a tight trailing stop in runaway situations to extract maximum profit without closing early.
Essentially I want to use this as a flexible profit stop, in addition to my existing stop loss.
Any ideas?
For long trades only, I am interested in closing the position when todays close is lower than yesterdays close (or similar style of exit strategy), but only after a given percentage profit has been attained.
Essentially I'd like to implement this type of trailing stop, but only make this stop effective once a profit level has been attained.
The reasoning behind this is to have the advantage of utilising a profit stop, but also having the felxibility of a tight trailing stop in runaway situations to extract maximum profit without closing early.
Essentially I want to use this as a flexible profit stop, in addition to my existing stop loss.
Any ideas?