DislikedIf you simply put a Trailing Stop equal to 1X (after the price actually reaches 1X), wouldn't that be more or less a simpler "set and forget" approach that would eliminate the need to monitor the screen the remainder of the week? Obviously this would reduce the amount of breathing room for the trade. Would the profits be severely compromised by this approach?
Ace: What is your take on this approach?
Many thanks!
BobIgnored
Yes the profits would be compromised because during retracement periods of about 100 to 150 pips or so, most of the trailing stops would be activated. Droland introduced using the trailing stops but it requires more time. It also requires re-entries during the week after the trailing stop has been activated. If you've got more time on your hands than you should invest some time into using that approach, but like I said before requires the ability to be at the monitor at any minute.
Like you said, it would reduce breathing room and G/Y retraces in 150 pips or so quite a few times.
1
