I am trying to set up this risk management strategy and not sure how much is reasonable with the current feature set. I could use some advice and suggestions. And if not, other alternative ideas or changes to the strategy are much appreciated!
Let's say I want to take a long with this setup:
Take profit 2
Take profit 1
Buy stop entry
Stop loss (after TP1 is hit, move this up to breakeven, then trail it while reaching for TP2)
We enter with a buy stop also set with a stop loss and take profit. (I'm assuming this best way to do this is with a bracket order?)
After TP1 is hit, close 50% of the position. (Is there a way to close out only half of the position? It seems like it might be easier/better to just open 2 positions at once, one for TP1 and another for TP2?)
Move the stop loss up to the entry price to breakeven, begin trailing it now. (It doesn't seem like I can update a stop loss?)
Using the other 50% left in the trade, try to hit TP2 as well.
Is this reasonable or should I just keep it simple and just trying to set it all up at the beginning with 2 orders, even though it's not exactly what I want? Like this:
stopprice=stoploss, # can this initial value also be set with the trail?
trailamount=3*0.001, # trailamount or trailpercent but not both
(If using a trailing stop, can I set the initial stop loss too or only the
trailpercent? Also, is it possible to make it dynamically change more specifically than a fixed amount or percent e.g. trail the stop loss at # pips below last # candles low? If I can't do that, guess I should just start it off with 2*ATR?)