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it is really your decision based on risk tolerance how you manage your trade.
personally I do have a stop in the market but I move it manually, I have never had success personally with an auto trailing stop. I would almost always get stopped out early while the move had plenty to go.
you may want to review my trailing stop technique I posted on Memorial day
Charles
Can you help answer these questions from other members on NexusFi?
I saw this same trade and the hidden divergence. I guess I'm learning!
Do you use a stop order on the low of the trigger bar (the "1" in your 377 chart) or do you just enter a short at the market the moment the bar closes?
The 1508 had another setup at 12:44 EST, but the 377 did not agree. At least that's how I'm interpreting what I see.
Thanks,
-C
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
i don't put a time on it for say as a hard rule. I watch the speed in which the 377 candles are printing and how hyper active they are. Although I will not trade 15 minutes either side of the U S open
the candles if they are jerking really fast between the high and low or gapping I just wait and let it calm down.
I will never jump in afraid I will miss a move, just let the market do its thing and wait for a safer entry when things are not so crazy. Jumping in to a volatile move does not usually work out to well for the small retail trader.
As an example if you were watching around 9 cdt this morning when the ISM news came out the market appeared to be going down in an uptrend and then violently shot back to the upside. That type of move is not what I want so I waited patiently for everything to settle down and eventually the market went into a downtrend producing a very nice clean short
patience and discipline for the right kind of move is the key
the 11:05 cst entry was just the perfect setup, the 11:44 cst look was perfect on the 1508 but the 377 did not cooperate. It was trying to form an ABCD pattern but the 2nd leg up went to far. Remember for the pattern the last leg needs to equal the 1st leg. The setup did not qualify, for a strict rule based system that I trade I must pass on it. The trade in hindsight was a great one but unfortunaley you must make a decision on the right edge and at that moment it was not right. these missed trades will happen in a strong trending market just wait for the right ones
Charles, here is 1508 chart, please see the chart, it was retracement after HH.
by the way, do you use default ichicloud setting? I remember somebody said the displacement should be 9 in this thread.
There should NO displacement on the IchiCloud indicator, check make sure it says "0" in the displacement setting.
Some have suggested using a displacement to extend the indicator off to the right, this is wrong as it will distort S&R levels on the live data. Ninja trader does not support indicators plotting ahead of data do not change the settings trying to force it.
As far as your chart and question - refer back to post #86 on the previous page where I addressed this same setup. The 377 chart trigger lines were exceptionally wide spread apart here and the 1 candle that went through it was not expected to turn the trigger lines.
At 11:44 cst please explain why you say 377 chart did not cooperate, bar closed below the cloud and below trigger lines. it was coming off of a lower high after a lower low had formed. Keltner was sloping down. Why did lower high ,you say went too far and disqualfied the trade set up .What is that yellow line on your 377 chart. Thanks it will clear up my confusion for 377 set up
