I want to make my strategy scale in and scale out. Below is a trite, yet easy example.
– BUY @ $1.00 GBP/USD for 2 lots.
– SELL @ $1.0010 (ten pips profit) GBP/USD for 1 lot.
The desired effect here is to reduce the total size of the position by 1 full lot (scale down) given some condition.
Would i just do the following?
if (initialEntryCxn) then AddOrder(OrderType.BUY_AUTO, initialEntryCxn, open[-1], 20000, Color.Uptick, Color.Uptick, Color.Uptick);
else if (scaleOutCxn) then AddOrder(OrderType.BUY_AUTO, scaleDownCxn, open[-1], 10000, Color.Yellow, Color.Yellow, Color.Yellow);
else if (closeAllPositions) then AddOrder(OrderType.BUY_AUTO, closeAllPositions, open[-1], 10000, Color.Red, Color.Red, Color.Red)
Much appreciated for feedback. Apologies if i missed this question previously answered, i didn’t see anything in the search results.