Looking for some support on how to create a proper breakeven strategy that eventually trails with the market.
Currently the strategy submits an order once it notices the market is 5 points from a specific entry price. I use the following to submit the order:
EnterLongLimit(2, entryarea, "TradeArea"); {
SetProfitTarget(CalculationMode.Ticks, 40);
SetStopLoss(CalculationMode.Ticks, 40); }
Now once market is in a long position I want to be able to move just the stop loss once we have been in the market for 5 bars and we see that the close price of market is greater than our entry price. I am using the following to try and do this:
else if (numberofbarssinceentry > 5 && Close[0] > entryarea) {
SetStopLoss(CalculationMode.Price, entryarea); }
Instead of moving stop loss to breakeven it just exits me out of the position. Can someone please shed some light on this please? What do I need to do to adjust stop loss to breakeven once market is in a favourable position. Thank you!
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