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Profit taking without losing to the spread again

  • Post #1
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  • First Post: Nov 1, 2006 2:28pm Nov 1, 2006 2:28pm
  •  gidnoa
  • | Joined Jul 2006 | Status: Member | 37 Posts
i'm wondering if anyone knows of a way to close part of a position without opening an order in the opposite direction since this results in losing half the spread again.

for example:

assume long 1 lot @ 1100 and intednd to take profit on 50% of the position @1120 and the other 50% at 1140.
if i just go short .5 @ 1120 and price goes to 1140:
i close 1k @ 1140 so +40 pips
and have to buy .5 @ 1140+spread= lets say 1142.
so i'm 40*1 + .5(-22)= +29 pips.
so i lost 1 pip to the spread by opening a short position instead of closing .5 of my long which would result in
.5*20 + .5*40 = 30 pips.
any idea of how to do that in oanda? other brokers offer that?
Thanks!
  • Post #2
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  • Nov 1, 2006 3:54pm Nov 1, 2006 3:54pm
  •  Labrat407
  • | Joined Apr 2006 | Status: Friss Die Haelfte | 110 Posts
I am using this EA to great advantage. Props to Stockwet.

http://www.forexfactory.com/forexfor...ead.php?t=9553

I use it to trade with the trend.

Labrat407
 
 
  • Post #3
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  • Last Post: Nov 1, 2006 4:31pm Nov 1, 2006 4:31pm
  •  gidnoa
  • | Joined Jul 2006 | Status: Member | 37 Posts
thanks!!! i'll check this out on MT.
too bad can't use it in oanda
 
 
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