Disliked{quote} I saw you complain about scrambling for pips and that you were looking for a lower frequency trading method that would give you running trades instead. Well how are you going to get runners if you are unwilling to lose your floating profits? If that is what you want, then get to BE and let the friggin thing run for the hills.Ignored
Secondly, yes i am looking to trade lower frequency but not that way, which is potentially several hundreds of pips up and SL still in the red or at best BE. It's no good for my psychological health. Below is a very quickly put together example of what works very well most of the time for me in shares, that i am fine tuning for FX (which is a bit different - more volatile).
Say you are bullish on a pair. It's just going to go up to the TL/resistance/PPZ! You pick your moment and go long, you now have your SL in place (1st white dash). You're not concerned about bearish bars, momentum is with you. So then later another bullish signal (2nd white dash, BUOB) and move SL under this bar. Another bullish signal later (3rd white dash, PB/IB/2-day BUOB/whatever) and again trail your SL to under these. Another bullish signal (4th white dash) and SL up again...
Four things:
1. Some/most trade J16 bars as momentum changing signals. I treat them, per this example, as momentum continuation/confirmation signals.
2. This way of SL trailing is still letting my trades run for the hills, particularly the stronger ones, but locking in profits in case price never gets to the top of the hill, for when momentum changes. At the end of the day, if i have a strong BUOB/Box breakout/whatever signal, move my SL up under it, and then price breaches the bottom of this area, then i don't want to be in the trade anymore. To me it's now to volatile and less certain what price is going to do.
3. This is all just my opinion. For my own sanity i have to move my SL up at the next level of (solid) support, not leave it in the red/BE. There are a thousand ways to trade, a thousand ways to use SL's. Of course you have to use what works best for you.
4. Still a "work in progress" SL system, but so far so good. And you're right, i do post in this thread to much!
I hope the chart explains what i mean. Is it the best SL system since the dawn of man? Ha-Ha no way!! Just thought it might be of interest...
Happy Trading,
Bill