So, I understand, whatever value of ATR(20) at the moment is our stop loss. Will test that. The only difference my ATR(20) values are differrent, example for EURUSD it is 90pips here, on your chart it is 79pips
So, I understand, whatever value of ATR(20) at the moment is our stop loss. Will test that. The only difference my ATR(20) values are differrent, example for EURUSD it is 90pips here, on your chart it is 79pips
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I think 0.5 ATR would be enough but we need to test this to know for sure. I think any value you use could be hit by a stray spike. There's not much you can do about it but by using a volatility adjusted amount (ATR) you can at least standardise it across your trading.
I am guessing that mine is slightly lower because my broker has a Sunday bar. Some brokers have 6 bars per week and some only 5. If your broker only has 5 and mine has 6 then that willl cause my ATR to be lower because the Sunday bar tends to be quite small as it is only open for 4 hours. Again, I don't think this is a major issue even though we will be using slightly different stop loss values. We will both catch major trends and get stopped out at similar levels when the trend ends. Maybe occasionally the slightly larger stop would keep you into a trade that I would be stopped out of.
so, im still in eur/usd, but yesterdays candle closed at the 10 ema, and I was not sure if this qualified for as closed trade, or do we wait for a close a few pips after a break to close the trade? Or do you just let it run and let the trailing stop close the trade?
so, im still in eur/usd, but yesterdays candle closed at the 10 ema, and I was not sure if this qualified for as closed trade, or do we wait for a close a few pips after a break to close the trade? Or do you just let it run and let the trailing stop close the trade?
Best regards
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Always let the trailing stop manage it. If it closed at the ema that's ok, it's if it closes the other side of it that it would invalidate the trade.
An excellent video..... he brings up some very valid points that 99% of traders miss.
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Yes, it's just unfortunate that 99% of traders don't just want to be profitable they want to do it on their own terms as well like catching all those nice runs on the 5 min charts and pulling in £/$200 a day within the space of a few hours rather than being patient with a daily chart and taking multiple losses in a row before they get a winner.
Yes, it's just unfortunate that 99% of traders don't just want to be profitable they want to do it on their own terms as well like catching all those nice runs on the 5 min charts and pulling in £/$200 a day within the space of a few hours rather than being patient with a daily chart and taking multiple losses in a row before they get a winner.
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...and that brings me to a question:
Do you not think that 100 pips or lower is not enough to let the *daily* trade breeze?
Yes, it's just unfortunate that 99% of traders don't just want to be profitable they want to do it on their own terms as well like catching all those nice runs on the 5 min charts and pulling in £/$200 a day within the space of a few hours rather than being patient with a daily chart and taking multiple losses in a row before they get a winner.
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Before they get a BIG winner.... I like the longer term TFs and profits that ultimately come with them..... I just can't do the short TF stuff, other things I like to do than sit in front of a monitor when I can be doing something more enjoyable if I choose.
Before they get a BIG winner.... I like the longer term TFs and profits that ultimately come with them..... I just can't do the short TF stuff, other things I like to do than sit in front of a monitor when I can be doing something more enjoyable if I choose.
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Yes, it's funny how your first 2000 pip trade changes your outlook on things!
