Oanda Order Entry Question

I have some interest is placing an order ahead of time with a stop loss adjustment based on price movement after in a position.

For example. EurUsd pair:

current price is 1.3000
Want to enter long at 1.3100
With the long order, initial stop loss is to be 1.2900.
Target profit is 1.3300

Once order is executed and in the position, I would like the order to automatically adjust the stop loss to break even (1.3100) when price/position moves positive to 1.3200.

Is it possible to submit all this in an order with Oanda? Then just let a tade workout itself as prices moves instead of having to monitor it every few hours.

Your advice, help, suggestions, etc would be helpful.

Regards,
T4L

I would like to ask question in a different fashion.

Does someone have or can create/modify an MT4 script or trade management indicator with the ability and option to do the following?

Identify Currency pair value - (adjust for the number of digit values as needed)
Lot size - (select either micro, mini, and full lot size option)
Direction - (identify if its a buy or sell)
Entry price - (set a price value)
Initial stop loss - (set a price value)
Target profit #1 - (set a price value) (Identify portion or all of the lot size to exit at TP #1)
Reduce Initial stop loss - (when price moves in favor of trade by XXpips, the initial stop loss changes to be x.xxxxx - ability to enter price values for both variables)
Traget profit #2 - (set a price value)


The assumption would is the trading account would need to be linked to MT4 platform in order for this script to manage entry into the trade, manage open position, and completely exit the position. The idea is to have all this info entered into the script to a place pending order. Then just want for the market play out and this script manages the trade as market does without human tamporing to break a good set of rules due to greed or stupidity.

If you have any follow up questions to better understand what I am asking and looking for, please reply to this thread or PM me.

Anyone with advise, willingness to help, or provide this script would be very nice.

Kind Regards,

T4L

Unfortunately a script cannot manage a trade. It also cannot monitor the trade or conditions for a trade.
For that you would need an EA.

You can set a pending order with a Stop, Take Profit, and Trailing Stop attached. That's about all they have, but it should be good enough I think.

Cyber1 and Price,

Thank you for taking a moment to read my post and comment on it!

Sounds like an EA needs to be developed. Ugh! i do not have that ability to write code.

I have used the trailing stop, but it has limitations that does not meet my needs. An example of what I am looking for is to have the initial stop loss at 150pips so the trade has room in order to move positively 50pips. Then I want Target profit # 1 to exit at 50pips for half the lot size of the position. At the same time, I want the other half of the lot size position still in the trade to adjust the stop loss to break even.

Actual sample with values:

1. EUR-USD (need 5 digits)
2. Short at 1.32186
3. Lot size to be 2 lots
3. Initial Stop Loss at 1.33686
4. Target Profit #1 at 1.31686
5. Target Profit #1 to exit 1 lot
6. Adjust stop loss to 1.32186 when price reaches 1.31686.
- For remaining 1 lot
7. Target Profit #2 at 1.30000
- For remaining 1 lot

NOTE: Would want the flexability to manually type in TP #2 and the adjusted stop loss without comprimising issues as market movement may cause me to make aditional adjustments to either increase TP#2 or to ensure stop loss result in making pips instead of break even.


The main reason for this is so I do not let my emotions make to many bad decisions and allow my original analysis guide me.


Can an EA be easily developed to manage a trade like this?

Regards,
T4L