DislikedI always use recovery,no stop loss.Levels for recovery approx.-1Levelivot point +
(HI yesterday-LOyest.) but not less than your entry price+ADR .
2Level: First recovery+(HIyest-LOyest).
3Level: Second recovery+(HIyest-LOyest).
This is for Longs,for Shorts Instead of"+" shold be"-".
I use the next formula 1(initial trade)+3 (first recovery)+6 (second recovery).
Hope it helps
RegardsIgnored
what is the period/pip , between your 1-3-6 formula ??
brs,
SCOTT-ibm