I have added a Hedging Stop Loss in my strategy - In this example ($1,000.00 account balance) the currency has 0.90 cent pip value (variable not seen in this chart) that allows me to view my $ exposure based on the PIP amount of my choice in accordance to the purchase price $0.10. (Price is entirely up to you)
I use a TP chart that dictates an order price in accordance to account balance, from that comes the hedge value - I personally use a 75% hedge.
In this example I have a stop loss of 80 pips for a total exposure of $82.80 - however when the trade goes past 40 pips (opposite) and reverses back to the expected trend direction, it will produce a small profit from my 2nd purchase(s) when it reaches the original entry point, from here I can re-assess my trade or simply continue as previously planned.
I am basically taking advantage of a standard short retrace. I added this feature as trades do not always go in the proper direction from the get go and well...I like profit. (of course I stand to lose a little more if it reaches the actual SL - however it very rarely does)
PIP amount for Stop Losses depends on your strategy, the chart above is just a simple example.
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