DislikedThat sounds virtually identical my stop strategy (when I'm using stops).
My problem has been that, with unholy frequency, wherever I set my stops, which is always far enough past a Fibonacci, resistance/support, or psychological level that it should be "safe", that point will be, to the pip, precisely where the price will spike up or down to before promptly returning.Ignored
The big boys know where to move the market to hit out the retail SL's, it's a pain, place a limit order to get you in on your SL's being hit, take advantage of the unholy frequency.
They spike down hit the SL's then instantly reverse quick before you get the time to get back in as cheap, sometimes they even repeat it and hurt you a few times just for kicks.
I watch for spike and reverses and jump on the reverse, it works well, but needs balls of steel.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!