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Is this type of trade for a scalp or swing? The stop is at breakeven
Limit order entries are mostly scalps.
There are two stop order entries: a DB that evolved into a TRI. The TRI is not a scalp, the DB with decent SB maybe but the bear leg has strong bear bars and is in a microchannel, so maybe not. When in doubt, treat it only like a swing.
Also, the stop-loss for those stop order entries is not a BE but below the good looking SB or below the last higher low.
When using a breakeven stop, should I pay attention to the spread? For example, the spread on EURUSD right now is 1.5 pips. Say I go long, the trade goes my way, and I decide to move my stop to break even. Should I subtract 1.5 pips from the BE stop to ensure it does not get hit if the market comes within 1 pip of my stop? Thanks.
yeah, most probably and the spread calculation is also needed in stop entries and limit order entries as well. Al says it in the 11 pip trap and 5 tick trap. In forex a 10 pip scalp is reached only when the market moves 12 pips in our direction( 1pip for entry and 1 pip for the take profit to hit and 10 pips as the money we made). I know you asked the question a long time ago, hope this helps.
