DislikedHi ya Hendrix..
Is this 40 pip trailing stop working really well then??....have you tried placing a stop at the bottom of the bar before or second bar before if going long??..
I was just wondering on your post earlier nothing was mentioned of Pivot Points and i'm sure I read it some where else before that the big institutions use them..would you know if this was mentioned before by someone that they do use them a lot?..
Thanx once again Hendrix if you can help on any of this..
AdrianIgnored
Yes, it works for me. It probably isn't the optimal strategy for everyone, but I like it and it takes all the couldas, wouldas and shouldas out of my trading. I simply open a trade with a 40 pip TSL and then I act like an astronaut - I lean back and enjoy the ride. I made sure I played my edge and now there is nothing I can do. The market will do what it wants to do and I leave my trade to play itself out.
I traded like this before (with a TSL), as you might have seen on Jacko's thread (I remember you there) and while I was profitable, there were too little trading opportunities presented for my "needs". That is why I came here. (btw, these two gentleman - BRV and Jacko - are the finest teachers I ever had the privilege to study and without them I'd most probably be just another FX looser...).
I don't know if institutions use pivot points, but before discovering Jacko, I was planning to use them. After Jacko told me that he doesn't care about PP's, I didn't care either.