Hey guys, today was a fantastic day for this strategy....I think we all tweek the rules a bit here and there and to stick to the fundamentals of this thread I don't want to go in to this too much but I found that instead of putting on a 30pip stop loss I can usually find a swing low on a 15min chart which is around 20 or 30 pips so I prefer to use this as my stop loss. Also, has anyone else been frurstrated with IB breakouts shooting up a hundred pips and then waking up the next day to see that the trade has gone negative? I think its better to hide the stop loss behind a 4 hour swing low. If you think about it, there are only 5 X 4Hour candles in a day, so your stop loss may still be almost the same as if you trailed the previous days low. Just my 2 pips worth...
It really does seem though that IBs do tend to shoot off a lot of pips when they break...especially if they break mutiple highs and after testing support areas.
It really does seem though that IBs do tend to shoot off a lot of pips when they break...especially if they break mutiple highs and after testing support areas.