SELL GBPCAD (@ 1.7052)
Take profit 1 at 1.7032
Take profit 2 at 1.7002
Take profit 3 at 1.6952
Stop loss at 1.7138
1. set first order at 1.7052 with 0.06 lots – set take profit at TP1: 1.7032
2. set second order at 1.7052 with 0.03 lots – set take profit at TP2: 1.7002
3. set third order at 1.7052 with 0.01 lots – set take profit at TP3: 1.6952
4. Stop Loss is set at 1.7138 in each 3 trades
We concluded 3 deals (0.06 lots, 0.03 lots and 0.01 lots or a total of 0.10 lots)
If the price goes in our direction and reaches TP1 at 1.7032 – i will gain 20 pips.
Once the first TP is reached, we must close the first and largest deal – the one with 0.06 lots.
After closing the first position of + we have 2 more positions that continue to develop – we can immediately move their stop loss (both) to the entry price or to the TP1 price (at which we entered into a deal with the 3 positions) – 1.7052.
No matter how this signal develops from here on out, we will be with the minimum certain profit of 20 pips. We give the other two trades freedom and wait for them to hit their targets.
How can I manage this system?
Is it possible to set a different Lot size for each TP?
Yes, it’s possible to set up the EA to work that way. You can use custom lot sizes for each TP level from EA version 1.14.6. To do this, in the EA’s inputs, go to Select the Money Management Method and choose Custom Lot Split, then set the lot sizes below.
To set up breakeven, go to Set Breakeven Rule and choose At Previous TP. When the first TP level is hit, this will move the SL to the open price +/- Pips Offset From Open Price. When TP2 is hit, the SL will be moved to TP1 price and so on.