...For discussion; I would suggest that once price moves to the opposite side of channel, there is a good chance that a change in momentum has taken place. I generally keep my Stops within 5 or 6 pips outside of channel. The only variation could be if price is moving out of a long period of consolidation. In many cases, my stops would be 30-35, following these guidelines. Just my thoughts, not trying to alter basic set up.
{quote} I hadn't seen this post - I suggested the same thing to Damian, a setting that would allow taking profits if price closes on the opposite side of the channel
{quote} So Damian, here's an idea that could really improve our profit taking greatly: what about having an option to CLOSE TRADE IF PRICE CLOSES ON THE OTHER SIDE OF THE CHANNEL? You get my point? This will take out many trades, but I don't mind, because if we trade reconfirmations then the EA will open again the trade if price goes back into the trend... so we will not lose much. But we could gain hundreds of pips by not letting the stops be hit... Let's try it?
I challenge anyone to find a thread on FF, that's gone 6 pages without some serious efforts by Trolls, to disrupt the harmony. My compliments to all for being Adults, just wanting to learn, and help improve trading for everyone. You Are Appreciated ! ! ! Lunch is on me, if you are near Omaha.
