Plan your trades with the Long or Short position tool
The Long and Short Position tools make it easy to plan and visualize your trades. Set a profit target and a stop loss and see it on your chart. Here are five steps to getting started:
Step 1 – Find and click the Long or Short position tool located on the toolbar to the left of your chart. It’s the sixth drawing tool down from the top above Icons and below Patterns.
Step 2 – Click the Long Position tool (or Short Position tool) and then select the exact point on the chart where you plan to go long or short.
Step 3 – A green and red box will appear showing your profit and loss areas for the specific trade you’re planning.
Step 4 – Drag or adjust the boxes to create your ideal risk-reward trade. You can make the green and red areas larger or smaller depending on your risk-reward calculations.
Step 5 – Double click the tool or right click and head to the tool’s settings to make specific adjustments to the calculation of your account size, risk, entry price, and profit or stop levels.
We hope you enjoyed this quick tutorial about the Long and Short Position tools. The chart we made here shows Bitcoin . It is an example and we are not actually placing the trade. We’ve also written some notes on the chart to show what’s possible with this tool.
In this example, the profit target is the 2017 highs, as seen by the black trendline we drew and green box. The green area shows our profit area and the red area shows our loss area. If price goes into the green area, the trade is profitable. If price goes into the red area, it is a loss. In this example, we placed our stop loss below an important .
If you have any questions or comments about using this tool, please leave them in the comments below. If you are already a master at using these tools and have some tips to share with others, please also write them out in the comments. Thanks for reading!