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I typically set a 60 tick target during days trading within the prior three days value area and a 120 tick target for days breaking out of value. I usually only place trades within the first hour and a half of trade(9:30-11:00 est) seeking to identify the first auction failure through the market and volume profile. Or in the case of a breakout from value seeking to ride initiative activity towards the next known reference point, i.e. Naked POC, prior weekly value area or new uncharted price level. Once my trade goes into the green 30 ticks(half my initial target, or a quarter depending on the day) I generally move my protective stop to 10 ticks ahead of entry. I was wondering what others do in this situation.
I trail my stop manually just beyond the most recently-formed swings-low/high, rather than using a set number of ticks.
(I think I'd probably prefer a "fraction of ATR" to a set number of ticks, too, because at least that's somewhat volatility-related?). But probably it depends on what instrument you're trading? Can't tell this from your post: your profile mentions CL but you've posted in E-mini Index Futures(?) ...
Yes I used to primarily trade CL, but have switched from CL to NQ. I think my main reason for this switch is due to the less volatile nature of stock indexes. Sometimes in CL you can be correct in your overall expectations of direction and still get stopped out due to a 15 tick swing from an inventory adjustment of a large market participant. This doesn't tend to happen in the NQ futures, and when your correct on the overall daily direction you tend to get paid for your analysis. Thank you for your response as I've been searching for better ways to adjust my stop when trades go in my direction.
