DislikedThe "2,4,2" rescue system seems interesting concept, I've been reading a up on it.
For example I have the following trade:
L1 0.02
L2 0.04
L3 0.08
- For 2,4,2 rescue at what lot size should I start with for 1st entry?
- any recommended tp for each rescue level?
the moment the 1st entry for 2,4,2 trade is made the first trade will be closed to maintain limited number of trades.
I want to sort out the logic and attempt to code a "2,4,2" rescue EA.Ignored
If the trade goes against you again to another level you would then close out the first .04 trade (your original 2nd level) and then enter a .08 and try to 0 out the trade again but this time you would have 2 losing trades. Clear as a dirty river I hope.
In using this system I have only gone one level at a loss because I have always gotten a retrace on the 4th level entrance. A couple of trades I took a loss but reduced my losses with the retrace and a couple of others it went farther and the whole thing took a small profit. One time I tried to just take a profit on each level because I felt price had not just retraced but actually turned around. So I closed the trades down in profit as price moved back to my original entrance point. I only did this once and I did it because fundamental news seem to favor such a strategy. So that is a variation of the 242 system.