Exit trades based on mid/last/mark price reading?

[MrAgi1]

I asked this question in a previous thread but it was not properly phrased: https://www.elitetrader.com/et/threads/tp-and-sl-at-mid-price-not-the-bid-ask.369750/#post-5688235

Let’s say I want to try out a hedging/grid trading strategy(i.e I buy and sell simultaneously) on USDMXN. USDMXN is an exotic fx pair it’s bid/ask spread is not tight. Assume I put stop loss and take profit orders(25 pip TP on the buy trade and 25 pip SL on the sell trade): If the market goes up 25 pips, both trades will not close at the exact same time due to the bid/ask spread. That’s my worry.

So I don’t care about getting filled at mid price or to exit both trades at mid price. I just want to enter/exit both trades(at the usual bid or ask) when the mid/mark/last price is reading a specific value.

Do you know a forex broker/platform that offers such?

The popular MT4 and Ctrader platforms seem not to offer it. Thinkorswim does(see attached image), but it’s a US based platform. Deposit methods on TOS and most US based platforms are not conducive(no crypto/e-wallet deposit methods) for internationals. Also complicated account opening process for foreigners.

 

[SunTrader]

You do realize in FX you buy on the offer and sell on the bid only, regardless of what orders you use?

 

[MrAgi1]

You do realize in FX you buy on the offer and sell on the bid only, regardless of what orders you use?

@SunTrader Yes, I understand that. I think my question is still confusing to everyone. I think I am not phrasing it well.

I am not trying to change buying on the offer and selling on the bid. Ok give a few minutes I would explain again in detail, what I am trying to achieve to you.

 

[MrAgi1]

You do realize in FX you buy on the offer and sell on the bid only, regardless of what orders you use?

I have attached 2 screenshots below that shows current price and live chart:

The second image,

Let’s use entry to make things simple. If I place a buy trade on HS50, I would be filled at 17167 and a sell trade would be filled at 17159. Now the price on the chart(at that same instance) is neither 1767 nor 17159. It’s the last price(17163).

If I instead I placed a pending order(earlier in the day) to buy and sell based on last price reaching 17163: Then the buy would still be filled at 17167(offer) and the sell would still be filled at 17159(bid). However, my condition for entry was when last priced reached 17163 although my trades did not fill at 17163.

Do you get my question now? I am not sure I can explain it any better.

 

[SunTrader]

You can code limit buy and sell orders, getting them filled is another story. No getting around how FX is rigged in favor of the broker.

 

[MrAgi1]

You can code limit buy and sell orders, getting them filled is another story. No getting around how FX is rigged in favor of the broker.

I am not sure you understand my last post. But it’s ok.

 

[BKR88]

I asked this question in a previous thread but it was not properly phrased: https://www.elitetrader.com/et/threads/tp-and-sl-at-mid-price-not-the-bid-ask.369750/#post-5688235

Let’s say I want to try out a hedging/grid trading strategy(i.e I buy and sell simultaneously) on USDMXN. USDMXN is an exotic fx pair it’s bid/ask spread is not tight. Assume I put stop loss and take profit orders(25 pip TP on the buy trade and 25 pip SL on the sell trade): If the market goes up 25 pips, both trades will not close at the exact same time due to the bid/ask spread. That’s my worry.

So I don’t care about getting filled at mid price or to exit both trades at mid price. I just want to enter/exit both trades(at the usual bid or ask) when the mid/mark/last price is reading a specific value.

Do you know a forex broker/platform that offers such?

The popular MT4 and Ctrader platforms seem not to offer it. Thinkorswim does(see attached image), but it’s a US based platform. Deposit methods on TOS and most US based platforms are not conducive(no crypto/e-wallet deposit methods) for internationals. Also complicated account opening process for foreigners.

Opening a long & short at the same time is the same as NO position. You just paid the broker commission/spread X2 and you'll do it again when you close with NO profit in the trade.
You'll also pay swap fees if held through the daily roll.
I understand what you're trying to do but what's the point of the trade with no profit potential?

 

[SunTrader]

I am not sure you understand my last post. But it’s ok.

Oooh I think I do, but yup that's ok either way.

 

[MrAgi1]

Opening a long & short at the same time is the same as NO position. You just paid the broker commission/spread X2 and you'll do it again when you close with NO profit in the trade.
You'll also pay swap fees if held through the daily roll.
I understand what you're trying to do but what's the point of the trade with no profit potential?

@BKR88 It’s called grid trading(I would have to buy and sell simultaneously). It could be profitable but long term most traders blow accounts. It’s basically my own personal research on how I can improve the strategy by adding options and other exotics to the trade. Although the risk could be reduced it’s never eliminated. It’s an extremely dangerous strategy.

Take a look at the link below that explains the strategy:

 

[rb7]

@BKR88 It’s called grid trading(I would have to buy and sell simultaneously). It could be profitable but long term most traders blow accounts. It’s basically my own personal research on how I can improve the strategy by adding options and other exotics to the trade. Although the risk could be reduced it’s never eliminated. It’s an extremely dangerous strategy.

Take a look at the link below that explains the strategy:

LMFAO...
This is the best example on what not to believe everything on the Net.
Anyone with a little experience on trading (with real money!) can see the flaws in this so called strategy.