Hello traders,
Hope we are all doing well, first off...
I promise this is not simply "where do I put my stoploss" typical thread.
I have a statistic I found and would like some help determining stoploss placement.
Here is the probability from my statistic,
Probability of going UP: 62%
this is on a candle stick..
from the candle sticks open it goes up(trends): 25 pips on average
from the candle sticks open it goes down(pulls back): 7 pips on average
Probability of going DOWN: 38%
this is on a candle stick..
from the candle sticks open it goes up(pulls back): 9 pips on average
from the candle sticks open it goes down(trends): 25 pips on average
(so what I'm saying is that there is a 62% chance it will trend up.. when it trends up the average pull back is 7 pips and the average distance in trend direction (up) is 25 pips )
I am concerned that the average pullback is probably not a good place for my stoploss.. because that is just an average... if anyone needs the max and min pull back I could grab that data as well..
So I ask for advice where the optimal place to put a stop is based on my stats. (I guess knowing the optimal take profit I should ask as well.. but one thing at a time)
Thank you appreciate your help!
PS: if someone wants to know where my edge lies I may consider sharing but only with those who provide a solid answer to stop placement. Thanks again.
Hope we are all doing well, first off...
I promise this is not simply "where do I put my stoploss" typical thread.
I have a statistic I found and would like some help determining stoploss placement.
Here is the probability from my statistic,
Probability of going UP: 62%
this is on a candle stick..
from the candle sticks open it goes up(trends): 25 pips on average
from the candle sticks open it goes down(pulls back): 7 pips on average
Probability of going DOWN: 38%
this is on a candle stick..
from the candle sticks open it goes up(pulls back): 9 pips on average
from the candle sticks open it goes down(trends): 25 pips on average
(so what I'm saying is that there is a 62% chance it will trend up.. when it trends up the average pull back is 7 pips and the average distance in trend direction (up) is 25 pips )
I am concerned that the average pullback is probably not a good place for my stoploss.. because that is just an average... if anyone needs the max and min pull back I could grab that data as well..
So I ask for advice where the optimal place to put a stop is based on my stats. (I guess knowing the optimal take profit I should ask as well.. but one thing at a time)
Thank you appreciate your help!
PS: if someone wants to know where my edge lies I may consider sharing but only with those who provide a solid answer to stop placement. Thanks again.