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Forex Software → Forex Strategies → Enter a position at a specific level

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Posts: 13

Topic: Enter a position at a specific level

Let's say I want to enter long or short (+/-50pips) after the opening of London whichever comes first? It would automatically cancel the opposite position and I think for that I need to use the "Enter once a day" function.
Thanks for helping and keep this great software going!

Re: Enter a position at a specific level

That is right.

The logic condition:

[Opening logic condition]
Enter Once
     Enter no more than once a day

will cancel any aditional entry order during the same day.

Re: Enter a position at a specific level

Thanks a lot Popov!
But how can I implement the first condition:
"I want to enter long or short (+/-50pips) after the opening of London whichever comes first"

Re: Enter a position at a specific level

If your historical forex rates are from London time zone, just use this entry point:

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is in case if you want to open long at Open Price + 50 pips or short at Open Price - 50 pips.

If you want to open long at Open Price - 50 pips, use:

[Opening point of the position]
Price Move
     Enter long after a downward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is because Day Opening is at 00 hrs London Time.

If your data are from different time zone you have to add additional entry time filter:
Let say you are 5hrs western than London. So your local time will be 5 o'clock when London opens.
To be able to filter the entry time you have to use 1hour chart.

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

[Opening logic condition]
Entry Time
     Enter the market between the specified hours
     From hour (incl.)  -  5
     From min (incl.)  -  0
     Until hour (excl.)  -  6
     Until min( excl.)  -  0

[Opening logic condition]
Enter Once
     Enter no more than once a bar

Notice that I use 5 o?clock and 6 o?clock and ?Enter once a bar?. This means you will open long/short if there is upward or downward 50 pips market move during the first hour after London market opening.
Other option is to use 4 hour chart and to set ?Entry time? from 4 to 8 o?clock. But this is not exactly the London opening.
Despite the fact you can play with different time zones data and ?Entry time? filter, the best solution is to load market data from the London time zone. Of course you can continue using ?Entry Time? to specify a time horizon for the market entry.

Re: Enter a position at a specific level

Popov wrote:

If your historical forex rates are from London time zone, just use this entry point:

[Opening point of the position]
Price Move
     Enter long after an upward move
     Base price  -  Open
     Price move  -  50
     Use previous bar value  -  No

That is in case if you want to open long at Open Price + 50 pips or short at Open Price - 50 pips.

Hmm, I am little bit confused here. What is quoted above works for both long or short? So why it says "Enter long"?
Thanks for your time!

Re: Enter a position at a specific level

Yes, it works in both directions, but you have to say what to do at the upper entry price (in this case Open + 50pips). You have two options: to open long at that price or to open short. This is extremely different. In the first case you have a trend following entry but in the second you have contra trend entry.

Forex Strategy Builder allows you to set the long entry logic. It makes the mirrored logic for the short entry alone.

So if you want to enter long at Open Price + 50 pips, you have to use the logic:  "Enter long after an upward move". The same means that you'll open short when the market reaches Open Price - 50 pips. FSB sets this automatically.

If you want to enter long at the lower price and enter short at the upper price, you have to use "Enter long after a downward move"

Re: Enter a position at a specific level

Great tool!
Thanks a lot wink

Re: Enter a position at a specific level

Hey Popov,

You guessed it I am back with an additional question smile
Keeping in mind the same strategy with entering long/short at the +/-50 pips position, how can I insert a hard stoploss (-30 pips) at this long/short position?

Re: Enter a position at a specific level

Use one of the following:
"Stop Loss" - sets a stop loss exit point;
"Take Profit" - sets a take profit exit point;
"Stop Limit" - sets both stop loss and take profit exit points;
Go to the "strategy properties" window and select "Permanent Stop Loss" - it works as additional protections to main strategy exit rule.

Re: Enter a position at a specific level

My take closing point is already set at the end of the day but I wanted to put a stop loss (-30) from the long/short just in case the price retraces too quickly. Do you think I cannot set up this situation with FSB?

Re: Enter a position at a specific level

"Permanent Stop Loss" is exactly what you want. Open the "Startegy Properties" dialog. (The first rectangle, just above th e "Opening point of the position"). You will see thr Permanent S/L at the bottom of the dialog window.

This "Permanent Stop Loss" sets a stop loss order to all open positions. It is calculated on the Entry Price basis.

Re: Enter a position at a specific level

Thanks it works well now smile

One last thing is that I would like to change the default entry time of the market (0 to 24) to 1 hour later (1 to 23) but in the window 'opening logic condition', "Enter the market between the specified hours" 1 to 23 doesn't work. If I keep the 0 it does work. Any clue?

Re: Enter a position at a specific level

Hi Popov,
One last thing is that I would like to change the default entry time of the market (0 to 24) to 1 hour later (1 to 23) but in the window 'opening logic condition', "Enter the market between the specified hours" 1 to 23 doesn't work. If I keep the 0 it does work. Any clue? Thx

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