RaysJourney replies to: Scalping with quick SL measurement to calculate lot size?


I’m not exactly sure what you mean. An example would help.

Hmm I struggle explaining it visually with a screenshot, but maybe this explanation helps:

I am on the 1M, waiting for a setup. I see the setup happening, fully forming but I just need to wait for the 1M candle (signal candle) to close in order to enter the trade (to avoid fake signals). That signal candle that finished the pattern/setup moves up and down during that 1M and once it closes, I can determine how big my SL will be (for a buy, I put the SL below the signal candle with roughly 0.5 to 1 pip SL extra as padding). Then I use the middle mouse button (scroll wheel) and press it and a crosshair-like cursors appears. Then I press and hold left click, placing it on the close of the signal candle and drag it down below the signal candle where the crosshair-like cursor acts as a tool to measure. Once I measured my SL in pips, I go to my trade manager tool, enter the SL in pips and press buy (all other settings, such as percentage risk per trade is already entered).

During that time, it tends to happen that the price already went 1-3 pips roughly in profit and I have to abandon that trade as every pip matters. Thus, I am looking for a tool that could enter the trade once I finish measuring or something similar that could speed up things.

I hope this makes sense.

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