DislikedYup an exit strategy is missing in this method. Any suggestions?Ignored
When a trade is triggered for a buy, set a trailing stop at the close of the next new bar's low. If the the trade is trending, the trialing stop would be moved up to the next new bar's low, so on and so forth. This would work the same if the trade was short, but the trailing stop would be set at the close of the next new bar's high.
For a trade going long, the initial stop loss could be entered at the low of the bar which caused the trade. The trailing stop would not begin until the new low bar is higher than break even.
If a trade is signaled long and the next closed bar signals a short trade, the position would be reversed going short even if the initial stop loss of the long trade was not hit.
I think this sort of exit strategy would work well with an ea. I feel this approach has a good balance of letting the trade run and locking in pips. Let me know what you guys think.