Can I trade WITH stop losses that ONLY occur outside of todays daily range (New York 5pm is the open of today), and be happy with stop losses of 40 or less pips?
Hi Ken Not so much a change, (this would negate L2s and H2s, which is a major way to get into a trade), but more a thought challenge. This guy Igor actually has this rule, he will never take a trade without the SL being outside of the daily range. Challenging my view of stop losses as a standard 10, 20 or 30 pips.
I see. For me the most important thing is risk reward, so the tighter the initial stop the better provided it is at a logical place. Not necessarily the best way (but probably the hardest way as stop outs happen often), but something to think about.
What are the sizes of your usual stops? What is the reason behind this change? I'm just curious.
ReplyDeleteHi Ken
ReplyDeleteNot so much a change, (this would negate L2s and H2s, which is a major way to get into a trade), but more a thought challenge. This guy Igor actually has this rule, he will never take a trade without the SL being outside of the daily range. Challenging my view of stop losses as a standard 10, 20 or 30 pips.
I see. For me the most important thing is risk reward, so the tighter the initial stop the better provided it is at a logical place. Not necessarily the best way (but probably the hardest way as stop outs happen often), but something to think about.
ReplyDelete