Seeking Guidance: Developing a Multi-Signal Trading Strategy with Global Take Profit and Trailing Stops
I'm contemplating a strategy that involves using multiple signals for trade entry, possibly incorporating up to seven different signals across various currency pairs.
The rationale behind considering multiple pairs is to enable the use of a Global Take Profit approach. This means that if the collective trades are collectively in profit, let's say $1, then all open trades would be closed simultaneously.
Furthermore, on an individual trade level, I'm considering implementing a Take Profit (TP) using the Average True Range (ATR) as a reference, set in the form of a trailing stop. This trailing stop would have the capability to adjust by 'x' pips as the market moves favorably in the direction of the trade.
I'm reaching out to this community because I value the insights of more experienced traders here. I'm seeking your input to help me identify the specific category or name for such a strategy. While I suspect it may have some elements of scalping, there are aspects of this strategy that I'm not entirely sure about, and I'm eager to learn from your expertise.
ATR Trailing Stop and Global Takeprofit is the name
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I'm contemplating a strategy that involves using multiple signals for trade entry, possibly incorporating up to seven different signals across various currency pairs.
The rationale behind considering multiple pairs is to enable the use of a Global Take Profit approach. This means that if the collective trades are collectively in profit, let's say $1, then all open trades would be closed simultaneously.
Furthermore, on an individual trade level, I'm considering implementing a Take Profit (TP) using the Average True Range (ATR) as a reference, set in the form of a trailing stop. This trailing stop would have the capability to adjust by 'x' pips as the market moves favorably in the direction of the trade.
I'm reaching out to this community because I value the insights of more experienced traders here. I'm seeking your input to help me identify the specific category or name for such a strategy. While I suspect it may have some elements of scalping, there are aspects of this strategy that I'm not entirely sure about, and I'm eager to learn from your expertise.