Break even EA - Help Please!!!

Hi everyone,

I was hoping someone would be kind enough to help me. I've been trading successfully for the past 18 months using a specific daily system and after posting a plea for help on Forex Factory, someone kindly posted a link to this thread. To be honest I'm completely useless with programming and even after reading through this entire thread, I'm still not sure how to use it. I can upload it and attach it to a chart (I'm not that bad!), but I don't know how to use it for what I need.

If I may just explain what I need, I'm hoping someone can help me set it up...

I always have 2 trades running on the same pair at the same entry price. I always place orders and wait for them to be hit. I hardly ever use instant execution.

For the first trade, I have a very conservative take profit point for whichever pair I'm using. By the way I trade EUR/USD, EUR/GBP and GBP/USD. For the second trade the stop is the same, but there is no take profit target. I wait for the market to decide when its had enough.

So when the first trade is closed at the take profit point, I always amend the second trade to BE manually just in case price moves against me. But sometimes if I'm busy and away from the computer, my first take profit can be hit (which is good) and then price can retrace causing a loss (which of course is bad!). What I need is some way that my SL on that second trade can be automatically moved to BE when my first take profit point is hit just in case price retraces. I'm sure its there in that EA, its just that I can't work out what to put in the settings to get what I need.

If someone could explain to me as if I was stupid how to get this set up, I would be very, very grateful.
I'm really sorry to be a pain in the ass and for the long message.

Thanks again

Dazzer

Did you try buying 1 lots then selling 0.50 instead of buying 2X 0.50 lots? I havent used that EA but its probably programmed to managed a single trade better than 2 separate trades. It can prob sell off half at your desired point then move the stop to breakeven on the same trade.

hey dazzer.... often it would take far less time to write something specifically for you than explain someone else's work to you....

this is a perfect case in point....

the swiss army ea would be overkill for your job at hand..... if you would prefer we can just write something new....

//----- if so, correct me where i'm wrong below

I always have 2 trades running on the same pair at the same entry price. I always place orders and wait for them to be hit. I hardly ever use instant execution

do you really always 2 trades, or do you just start with 2 and later 1 will close leaving 1..... these orders must be limit or stop type with the same entry price and stoploss.... 1 order has no stoploss.... when the first order closes the 2nd moves to breakeven.....

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I wait for the market to decide when its had enough.

how or what is determining when the market has had enough.... how or what is closing the last order if it does not have a profittarget.....

//----

what you wanting would only take couple minutes to code at most..... you could always expand it to include more abilities later..... h

I havent read your first post properly...but going by topic..
> EA No. 21 < can work for you.

Hope this helps !

Thanks for the response and I think you are right, maybe this does work better that way. However, my broker (Alpari) will not allow me to close half the position, which is the reason I have 2 trades running simultaneuosly which enetered at the same price.

Dazzer

Hayseed,

Thanks a lot for your reply. I will try to clarify the following points:

I always have 2 trades running on the same pair at the same entry price. I always place orders and wait for them to be hit. I hardly ever use instant execution

do you really always 2 trades, or do you just start with 2 and later 1 will close leaving 1..... these orders must be limit or stop type with the same entry price and stoploss.... 1 order has no stoploss.... when the first order closes the 2nd moves to breakeven....

Yes, I use stop and limit orders 99% of the time. The reason why I use 2 orders in the same direction is because Alpari will not allow me to close half of a position. My stop loss on both orders is the same, but my Take Profit on the first order is usually conservative. When/if this is hit, I need the Break Even EA to move the stop on the second order automatically to the entry point for BE (just in case things go bad). So if price turns around, I've made a profit on the first (conservative trade) and the second trade gets stopped out at BE. Both orders have the same stop loss initially. I never trade without stops (been there, done that).

I wait for the market to decide when its had enough.

how or what is determining when the market has had enough.... how or what is closing the last order if it does not have a profittarget.....

Ok, I never have a profit target for that second order. If my first order is closed because my take profit is hit, my stop on the second order is amended to BE ideally using an EA just in case I'm not around to notice it. I used to always get pissed when my tp got hit and price kept moving in the desired direction, thus leaving money on the table. This is the reason for the second order.
For example, lets say that TP on the first order is hit and price continues to move in the desired direction some more. We will assume a long. At the end of that day I will make a decision to either leave the amended stop on that second order at BE or I will choose to move the stop to that days low to lock in some more profit. This will always be done manually, so there is no need to code anything here. When I say that I wait for the market to decide when its had enough, what I mean, is that I wait to get stopped out, which will happen eventually.

I have attached a chart for your consideration.


Someone very kindly posted a BE EA and I'm testing this at the moment. I don't reckon it works for what I want though. I have attached it also. Thanks again for your interest.

Dazzer

Thanks a lot, I'll check it out.

Hi everyone,

I have never used this indicator. I have put it in my MT4 directory (experts/indicators) but I can't make it work. Can anybody please help?

Thank you.

Hi i notice the EA here moves stop to BE as soon as its in profit. but i was hoping it could move it to BE even after a certian number of pips have been made. eg. after 10pips profit mive to BE.

Thanks