Topic: Trailing Candle Closing Condition?
Hi there I am interested in building a breakout strategy which will allow entry upon a break out of the highest high or lowest low of a certain number of bars, and a trailing stop using the high or low of previous "x" bars.
I believe the Entry Condition "Hourly high and low" would allow me to choose the time interval for the high and low breakout area correct?
However, I am not seeing any trailing candle stop options within the closing logic conditions. Is this trailing candle option available in ForexSB?
I will give an example of the basic strategy:
Say I would like to enter the market at a breakout high or low of the highest high or lowest low between the candles during 1:00 - 10:00 (broker clock). I am assuming the "Hourly high and low" would allow this entry condition?
And say I would like the trade to stay open until the trailing candle stop is hit. With the trailing stop being the lowest low of the previous 3 hourly candles for a long trade, or the highest high of the previous 3 hourly candles on a short trade.
Any help would be great.