Exit Strategy Break-even Function Not Working?

[Daveman0]

Hello all,

Relatively new to MotionWave and trying to get my head around the exit strategy function - for the most part I've got it sorted out, but I haven't been able to get the break-even function in the exit strategy to work - any suggestions? As a test, I set the stop-loss at .25%, the target at .5%, and then the break-even at .25%, expecting that if the price goes .25% or more in the direction of the target, the stop-loss will move automatically to the entry price - but so far, no luck - anything I'm missing?

Thank you!

 

[Spin]

It set BE with a few cover pips, and it works perfectly on my end ...



Make sure to 'activate' the exit strategies though !

 

[Daveman0]

Thanks! It may be related to the connection with Binance exchange, sadly - it seems to work as expected in "simulation" mode...

 

[Pharaoh145]

Works well in Replay Mode for me too but not in real time with TD Ameritrade. I think it may be an API limitation.

 

[Antares66]

Can someone explain what offset 25 at breakeven 50 in the example above means?
Does it mean that if i am 50 ticks above breakeven i get out of the position if the price falls 25 ticks frome here?

 

[Spin]

I think it means "when price went 50 pips my way, I want to move my stoploss to BreakEven, so my entry price + 25 pips"

(so I think a BE to entry level would be offset 0)

 

[Antares66]

I think it means "when price went 50 pips my way, I want to move my stoploss to BreakEven, so my entry price + 25 pips"

(so I think a BE to entry level would be offset 0)

I dont´t understand it completely. What i understand is what you wrote "when price went 50 pips my way, i want to move my stoploss to Breakeaven". That means i will get out of my position if the price drops from here (breakven + 50 Pips). But what do you mean with "so my entry price +25 pips?.
Would it make sense to put in a 50 pips (ticks) trail order and and break even 50 order? Or could a conflict occurr between those two orders?
Does the pro edition offer the option to programm more complex in and out strategies without using javascript? I´m currently using the orderflow edition and consider to upgrade to the pro editon but don´t know if this will offer me much benefit in regards to strategies.

 

[Donovan2580]

Can someone explain what offset 25 at breakeven 50 in the example above means?
Does it mean that if i am 50 ticks above breakeven i get out of the position if the price falls 25 ticks frome here?

In this situation it would mean that once you get into profit 50 ticks your stop will lock in 25 ticks of profit. If that box on the right was set to "zero"; once you got up 50 ticks in profit it would just move your stop to "true breakeven" (Or zero).

Also just an FYI - I upgraded from the order-flow edition to the Pro Edition, and did not see any difference in the way you can configure these exit strategies.

Hope that helps

 

[Antares66]

@Donovan2580
Hello, thank you for your reply. I assumed the same in regards to breakeven. I mean MW should explain this a little bit better in the manual.
Since the Black friday discount price for upgrading ends tomorrow i would like to know which features of the pro edition you like most. I am not quite sure if upgrading to pro would give me some benefits for trading. In another post i mentioned harmonic patterns, desktops etc. The orderflow edition doesn´t come with predefined strategies. Don´t know if those strategies in pro make sense.

 

[Antares66]

@Donovan2580
In your post from 03.08 you set a Target offset of 200 pips. Is that a profit taker order? Does that mean your position will be sold after gaining 200 pips?
I would appricate to stay in a trade as long as possible. For example to stay in a trade after 200 pips were gained. But a trail order of 200 pips would also mean to sell the position afer a loss of 200 pips. Is there a way to set this up?
I mean when buying 3 slots you could set up profit taker orders to sell 33% of your position after a gain of 100 pips, 33 % after a gain of 200 pips and 33 % after a gain of 300 pips (only an example)

 

[Donovan2580]

Hello, thank you for your reply. I assumed the same in regards to breakeven. I mean MW should explain this a little bit better in the manual.
Since the Black friday discount price for upgrading ends tomorrow i would like to know which features of the pro edition you like most. I am not quite sure if upgrading to pro would give me some benefits for trading. In another post i mentioned harmonic patterns, desktops etc. The orderflow edition doesn´t come with predefined strategies. Don´t know if those strategies in pro make sense.

To be honest I upgraded solely for the purpose of the expanded alert function. I like be able to set an alert if a study condition is met and walk away from the computer. Unfortunately you cannot do that on the order-flow edition.

I will say the pro edition also handles multiple monitors much better which was an added bonus.

Regarding your question about the 200 pip order - honestly I have no idea what you are referring to. Are you sure it was my post? Perhaps I am missing something. It has been a long weekend ?

 

[Antares66]

Despite your long weekend you perhaps might be able to scroll up to your posting from 03.08.21 in this thread Thanks

 

[Donovan2580]

Despite your long weekend you perhaps might be able to scroll up to your posting from 03.08.21 in this thread Thanks

That is not my post - Perhaps @Spin can answer that question...It is his post / configuration

 

[Antares66]

@Donovan2580
you are right, sorry. As you mentioned alerts, is there a way to get an alert when the closing price of a candle is above an indicator?
When using "price crosses" you get an alert every time the price within a candle crosses the indicator. For example i want to wait till the 30 minute candle is completed. In Teadinview there is such an option.

 

[Donovan2580]

With the pro version you get all kinds of configurations with the alerts... You can even attach entry and exit orders to them as well. It has many more options than the "standard" alert window. (See below).

You can certainly set an alert for price crossing a MA, VWAP, etc.

 

[Spin]

It set BE with a few cover pips, and it works perfectly on my end ...

View attachment 655

Make sure to 'activate' the exit strategies though !

View attachment 656

@Antares66 @Donovan2580 It is indeed my post, so I will try to formulate an answer:

• That ´Step 1'-order is indeed a TakeProfit order at + 200 pips.
• The Breakeven a little higher means this: if trade is 50 pips in profit, lock in 25 pips (that way I am sure to stay positive, if you set the Breakeven Offset to 0, you might have a small loss when this level is hit, due to spread)
• A trail order is only counted in your profit: so you could set a StopLoss of 50 (so the position would get closed if price goes 50 pips against you), but a trail of 200 would also mean that -once price reaches level further than 200 pips in your advantage- the trail would 'follow', setting your stoploss somewhere above (for long trades) or below (short trades) your entry (or breakeven) level. It will keep following (or trailing) the highest price at a distance of 200 pips in a LONG and the lowest price at a distance of 200 pips in a SHORT.

Youtube is full of vids that explain this the general idea, not the MW implementations - but you CAN find videos on their page as well).
They are probably more useful than my ramblings here

 

[Antares66]

@Spin
Thank you. Do you know if it is possible to set up a stop limit buy order with an attached bracket order? I mean those brackets which can be configured in MW (Bracket1, Bracket2)