Is anybody aware of how to trail a stop loss from the losing side, kind of reverse to a regular use?
What I mean by that is, say, I thought the price will go up so I entered a BUY trade but the situation changed and I believe now that the price is heading down after the weekend. I am still in the original BUY trade and the stop has not been hit yet. Trying to minimize a loss I am currently moving the stop up behind the price manually following support/resistance areas on 5 min timeframe (which is a very short timeframe for me). I think I could enter a counter trade to minimize the loss but I am afraid that I will just add more mess to already messy situation so I don’t want to do it. The setup is not good enough to justify a new BUY trade. Or I could just close that trade and take a loss, it is not a big deal, but why not to save some pips if possible? I cannot be in front of my computer for several hours now because it is night time here, so I am afraid that I will wake up to a full loss.
If I could just plug in a trailing stop script or EA or whatever for a losing trade to minimize the loss I would be happy as it seems like the price might bounce up before finally moving down. I would like to run this bounce as much as it goes up.
I am sure everyone encounters situations like that sooner or later.
So is anybody aware of an existing “Reversed stop loss trailing” tool for situations like this (for the lack of a better name) or maybe one can build one if it is not too much work, please?
What I mean by that is, say, I thought the price will go up so I entered a BUY trade but the situation changed and I believe now that the price is heading down after the weekend. I am still in the original BUY trade and the stop has not been hit yet. Trying to minimize a loss I am currently moving the stop up behind the price manually following support/resistance areas on 5 min timeframe (which is a very short timeframe for me). I think I could enter a counter trade to minimize the loss but I am afraid that I will just add more mess to already messy situation so I don’t want to do it. The setup is not good enough to justify a new BUY trade. Or I could just close that trade and take a loss, it is not a big deal, but why not to save some pips if possible? I cannot be in front of my computer for several hours now because it is night time here, so I am afraid that I will wake up to a full loss.
If I could just plug in a trailing stop script or EA or whatever for a losing trade to minimize the loss I would be happy as it seems like the price might bounce up before finally moving down. I would like to run this bounce as much as it goes up.
I am sure everyone encounters situations like that sooner or later.
So is anybody aware of an existing “Reversed stop loss trailing” tool for situations like this (for the lack of a better name) or maybe one can build one if it is not too much work, please?