A good strategy is to try setting it below a logical candle or
support (after considering the ATR-the amount it will usually move
in that time period). The only other problem I find is that
many times by doing this it makes my risk to reward much worse.
Usually I would prefer that it doesn't move that far down
before I get rid of it and so...
Most of the time what I really end up doing is setting my stop
(with a mental or trade sheet stop ready) after I purchase.
But then I have to watch it after purchase. If you do
that you can't be hesitant to get rid of it if it is moving against
you.
Sometimes it's just better to wait until the crazy first 15
minutes of the day is over to do anything at all.
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Stops are sure an aggravation
stops in place.....
Posted by johnc on 20th of Jul 2011 at 10:09 am
Stops are sure an aggravation at times.
A good strategy is to try setting it below a logical candle or support (after considering the ATR-the amount it will usually move in that time period). The only other problem I find is that many times by doing this it makes my risk to reward much worse. Usually I would prefer that it doesn't move that far down before I get rid of it and so...
Most of the time what I really end up doing is setting my stop (with a mental or trade sheet stop ready) after I purchase. But then I have to watch it after purchase. If you do that you can't be hesitant to get rid of it if it is moving against you.
Sometimes it's just better to wait until the crazy first 15 minutes of the day is over to do anything at all.