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Looking for Validation...

  #1 (permalink)

Memphis,TN
 
 
Posts: 232 since Sep 2010

Looking for Validation...

To keep me in the trade.

I am trying to find an indicator or even a set of Indicators, to help Keep me in my trades.

A quick Summary.... I entered Short, on the EUR/USD back around the first week of May of this year ( 2014 ) based on the Weekly chart.
Well, from that point, until now, it has plummeted in pricem which was my initial thought when I went short back in May.
What happened was, it consolidated from June - the end of July, and of course, I tightened my stop, and was taken out of the trade, and then wham, the EUR/USD just tanks, and I miss all of that drop ( profit in Pips )

Looking back, I am trying to find a way, that I can avoid getting " Nervous " and tightening my stop and getting taken out of a trade again, right before a huge move.

I have been looking at Heiken Ashi and the ATR indicators, to use as a basis for leaving my stops more " Lose "

I trade on higher Timeframes usually ( Weekly charts, where each candle represents 1 weeks worth of trading ).
So given that, what would be a good setting to use on the ATR ( a 14, 21 or a higher lookback setting ? )
And what is a good guideline when using the Heiken Ashi, to help confirm a strong trend, that also filters out a majority of any whipsaw ?
I have heard that if your Short in a trade, some traders will tighten their stop or even exit the trade, if you get 3 consecutive Blue bars ( representing Buying strength )

Thank you for any insight and help.
I just can't stand to be on the sidelines on such a big move, when my initial entry was correct, but I let a consolidation of price make me nervous and I then miss all of those Pips

Thanks again

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