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Real Breakeven?
Posted: 15 Jan 2008
by Daniel Cheng
Hi I am almost finishing my strategy for GBP JPY.
I try to use “_Stop & Targets” signal for the Breakeven Stop. However, there are 9 pips spreads for GBP JPY when I do a real trade with FXCM.
How can I adjust the 9 pips spreads? So, the computer will do the “Real Breakeven stop” including the 9 pips spreads?
Thank You!
Posted: 15 Jan 2008
by Marina Pashkova
Dear Daniel,
Could you please describe the problem in more detail? And could you illustrate it with some screenshots?
Thank you.
Regards.
set a real breakeven
Posted: 15 Jan 2008
by Daniel Cheng
When I try to use " SetBreakEven ", the computer will set the breakeven at the entry price. For example, if I long GBP JPY and entry is 201.10. the computer will only set the breakeven price at 201.10(entry price). I will still loss 9 pips from the spreads.
What I would like to do is set the breakeven stop 9 pips higher than the entry price. The real breakeven stop should be entry price + 9 pips. So, the computer will set the breakeven at 201.19 and not the 201.10.
Please let me know how would I able to do this.
Thank You!
Posted: 17 Jan 2008
by Marina Pashkova
Dear Daniel,
According to the EasyLanguage rules, SetBreakEven does not factor in slippage or commission.
Accroding to the
EasyLanguage Functions and Reserved Words Reference
SetBreakEven is a built-in stop reserved word that allows you to exit a position at
specified profit floor has been reached. The profit floor can be specified on a total
one share basis. Whether the profit target amount is based on a position or per share/
set stop reserved words: SetStopPosition, SetStopShares, or SetStopContracts SetBreakEven
commissions or slippage.
SetBreakEven can only be used in a Strategy.
Usage
SetBreakEven(FloorAmt)
Input Parameters
Name Type Description
FloorAmt Numeric The profit amount (in dollars) that must be
before the breakeven exit is activated
To achive what you are talking about you would need to use TrailingStop, indicating the relative number of pips in inputs.
Regards.
Posted: 17 Jan 2008
by Daniel Cheng
How would I able to set a stop loss 9 pips higher than my entry price?
For example, if a long entry is 201.00 for GBP JPY. After the market move up let say 10 to 15 pips, than the stop loss will be set at 201.09?
Posted: 21 Jan 2008
by Marina Pashkova
Dear Daniel,
I consulted our software engineers once again. After analyzing you posts, they suggested that instead of tryin to use SetBreakEven or Trailing stop, you should try to write the signal using standard Stop/Limit orders.
Best regards.