have to agree with you about moving stop. for different setups I have different stops. for reversal trades I move the stop 1 tick above or below the trigger bar. for breakouts I use 6 ticks stop (default stop setting). but if 6 ticks is just below res or above sup, I'll move it too.
very true about having confidence in your trades.
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Yes but that isn't what I was talking about... I mean lets say you decided your stop is 10 ticks, what it is based on is really not relevant.
Now you are in the trade. It's going against you 8 ticks. Do you move the stop from 10 ticks to 12, hoping not to get hit, because it just needs more room?
I would hope not, and I think moving the stop backwards is a rookie mistake.
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I agree I just know a lot of beginners make the mistake of moving the stop backwards, because it is all based on emotion and not actual trading. I was just trying to get you guys to agree with me for the benefit of the other readers of the thread
Yeah , I try to get a good or better fill depending on the price action or the length of the bar etc. , set the stop accordingly and never move it away from me . I did it before and it never once kept me in a winner just made losers worse . Lets hear what others have to say , dont be shy !
That's the key right there. On the flip side of this is what if the stop was placed too conservatively in the first place? Is it still a "rookie" move to give it a little more room if conditions warrant? I.E., instead of getting stopped out only to reenter (yeah, we've all done it), you're giving it a bit more wiggle room because of price action.
As far as my initial stop placement, I use the parabolic stop settings I have programmed in my sheet. They're the same ones that can be found in NT. I usually go a tick beyond the PS number and then trail it as the stop moves with the trade.
H
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