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Take profit and pip value

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Take profit and pip value

  #1 (permalink)
verona veneto italy
Posts: 1 since May 2015
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Hy guys!

I am new in this forum and I am basically new in easylanguage programming (trying to learn as a self-taught) so take patience if my questions are silly.
I am building a very easy TS which basically is recognising engulfing pattern and placing a sell limit oder on L[1].
I arbitrarily put 40 pips as TP but the Tradestation seams to forget to take the profit and is gonna close my open position just when another pattern is recognise or whe the SL is touched.
Everytime my condition is realize even though the price move way more than 40 pips the Tradestation doesn't close the position.
I've realized that if the TP is right after the candle with enter order the Tradestation is actually going to close the position correctly.

Here the code:

Variable: prezzo_stop(0),prezzo_take(0);

if close[1]> open[1] and close [0] < open [0] and C <l[1] and h>h[1] then begin

Sellshort next bar at l[1] limit;
SetProfitTarget (((bigpointvalue/1000)*10*pip_tp));


Buytocover ("Loss")next bar at prezzo_stop stop ;

Thanks for your help.
Ah sorry for the really brutal english I have but I am from Italy where unfortunately there is no real possibility to learn this programming language.

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  #3 (permalink)
 ABCTG   is a Vendor
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don't place the Take Profit reserved word within your entry condition, this will likely lead to the situation that's only active during bars where the condition is fulfilled.
You should also read up about the SetStopPosition reserved word in the Tradestation help. To make sure that you correctly base the take profit on either the entire position or not.


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  #4 (permalink)
dojirock's Avatar
Saint Joseph, Michigan
Experience: Advanced
Platform: TradeStation
Trading: Indices, Futures, Forex
Posts: 13 since Jul 2014
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Is this for advanced charts or timebased charting?


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  #5 (permalink)
Jura's Avatar
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dojirock View Post
Is this for advanced charts or timebased charting?

If "this" is the `SetProfitTarget` keyword mentioned in the first post, then yes, this works on any chart. If "this" is referring to ABCTG's post, then yes, this works on any chart irrespective of the time frame.

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Last Updated on June 2, 2015

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