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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #841 (permalink)
Elite Member
Seattle
 
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Eric j View Post
Agreed , you also need to consider the true risk while the trade unfolds . If you have an 8 tick stop , that is your maximum tolerated stop amount . If that trade only goes against you 3 ticks and begins to profit and you exit with a 3 tick profit because of a signal to exit you still incurred a 1/1 RR .

I respectfully disagree. You still entered a trade willing to assume 8 ticks of risk but only profited with 3 ticks of profit. There is no way to predict the outcome of a trade and if you continually enter a trade under that approach it will only take a few losers to take your account into the red. From a long term approach I believe this tilts your r/r out of favor and thus relies on generating substantially more winners then losers to stay positive.

Blz

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  #842 (permalink)
Elite Member
Northern California
 
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Jeff Castille's Avatar
 
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stops

Yes, personally I am more in the set it and forget it camp.

I am wondering about where to "set" it though. Swing high and swing low makes a lot of sense......but all the professionals know just where your stop is and delight in coming to take those stops out.

So the question is "Do you place stop according to market volatility?" or "Do you place stops according to your risk tolerance?" Now it seems to me that the market does not give a damn about your personal risk tolerance. We have to have protective stops based on volatility.

It's interesting to note that Don Miller does not use stops anymore. He controls his risk through position sizing.

Lately I've been thinking that a good stop placement is just above or below the previous bar high or low of entry.

I'd like to hear some other "reasoned" opinions on this topic.

Thanks, Jeff

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  #843 (permalink)
Elite Member
Los Angeles
 
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I like my stop just beyond the last swing high or swing low figuring the pro's took the price away from the trend a little to hit trailing or other stops and I'm jumping back in with the trend.

But on large range bars I could see where the bar's hi or lo previous to entry would be good too. I'm gonna keep an eye on it.

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  #844 (permalink)
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Bellingham, WA
 
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Dragon's Avatar
 
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A quick beta test of the Shark Attack on a 4 range chart in market replay 8/24/09 trading the open and every dot got me 6 winners and 2 losers with ES. 3 tick target 5 tick stop, 3 contracts. I let the losers hit my stop. +$450. Take a good look at the chart. Nice job developers.

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  #845 (permalink)
Membership Temporarily Revoked
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You know as a master beta tester I feel it is my duty to inform you that in order to be a valid test you must have 3 and definitly not just 2 beta testers

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  #846 (permalink)
Elite Member
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Dragon's Avatar
 
Posts: 494 since Aug 2009
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Sorry I had to steal your title temporarily in the chatbox because I was ROTFL when you said it yesterday. I wish I could HJay... Really. I under strict orders here... I am sure you understand but also I understand how everyone may be feeling at the moment out of the loop.

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  #847 (permalink)
Elite Member
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Dragon's Avatar
 
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I suspect there may be more mbt's (LOL) but I don't know who they are.

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  #848 (permalink)
Membership Temporarily Revoked
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yeah I know.. just kidding.. can't blame a guy for trying...

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  #849 (permalink)
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Yeah trust me I would be doing the same thing.

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  #850 (permalink)
Market Wizard
virginia
 
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TheWizard View Post
I didn't know where else to post this question. This thread seems to have a lot of activity & thought maybe someone could answer this question. Has anyone ever heard of CONTRACT BARS as a way of displaying price data (vs. min / tick / range / volume, etc). Here's a screen shot I found 'out there' somewhere. Piqued my curiosity. Thanks!

according to this article contract = volume so it was a volume chart.
Improve Your Trading with Tick and Volume Based Charts

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