So guys, I know my main weakness (or at least the main one of those I've identified) is exits.
I'm pretty bad at them!
I will often give back a 100 pip move. This morning I've achieved like 1/5 of what I could of etc etc.
Now obviously I'm not going to get out at the top of trades, but I did have one idea which might help me, and so might help you. Obviously it has all the problems with normal trails, just might provide a tiny bit of edge to a tiny percentage of us, so thought I would post it.
Timed trail (long):
Enter a trade with a stop.
After x periods, calculate the difference low of the bar just gone and the original stop, divide this by x.
Move your stop up x.
Every bar, move your stop up x.
Now you'll get stopped out when the market starts to hit congestion and ranges, it's by no means perfect, but like I said, might help you depending on your style.
Maybe Lows aren't the best way to calculate it, but I'm sure you get the idea.
Currently I try to trail by S&R, but that brings up the question of how strong S&R do you need, etc etc, and it doesn't work for ME too well.
I might give this a go and report back, and thoughts on it?
Hotch
xxx
I'm pretty bad at them!
I will often give back a 100 pip move. This morning I've achieved like 1/5 of what I could of etc etc.
Now obviously I'm not going to get out at the top of trades, but I did have one idea which might help me, and so might help you. Obviously it has all the problems with normal trails, just might provide a tiny bit of edge to a tiny percentage of us, so thought I would post it.
Timed trail (long):
Enter a trade with a stop.
After x periods, calculate the difference low of the bar just gone and the original stop, divide this by x.
Move your stop up x.
Every bar, move your stop up x.
Now you'll get stopped out when the market starts to hit congestion and ranges, it's by no means perfect, but like I said, might help you depending on your style.
Maybe Lows aren't the best way to calculate it, but I'm sure you get the idea.
Currently I try to trail by S&R, but that brings up the question of how strong S&R do you need, etc etc, and it doesn't work for ME too well.
I might give this a go and report back, and thoughts on it?
Hotch
xxx