Thanks for answering. That's a very interesting precedent in light of endless TA validity discussions.
No offense, but you keep spewing that SL's should be placed outside the noise, but that's not how intraday momentum trading works. When you have a catalyst moving an instrument, yesterdays noise doesn't mean squat, and today's noise is isn't even readable at the open. The open is where some of the most aggressive traders (including me) seek profits. I do move my SL's to break even after the instrument has traveled 1/2 way to my target. Based on my testing and research, this is the most profitable. Allowing more breathing space erodes my profits. An instrument in a state of motion tends to remain in motion. I'm not sure you have a true grasp of market mechanics
Thank you for you posting! Yesterday's noise is very important to today's trading however. Once the open has passed, then trading opportunities present themselves and a reference to today's noise can be added in as well. Trading at the open is not a great time to trade. It's better to watch the market a bit and then trade. A lot of folks think that trading at the open is great, but a lot of money is lost by newbies who end up chasing--much like right after the jobs report etc. --Congrats on your success on the openings.
What world are you living in? Buying/Selling the opening price is what newbies do. Getting a read on the open and trading it is what many professionals do. The volume and volatility is ideal for momentum trading. I do agree that most people are scared to execute during this time. This is what separates the men from the boys
You could look at it that way. My point is simply that most people should not be trading the open. I hope that better states it.
But wouldn't that breakeven stop need to be outside the noise? --Not just once there is a level of profit?
Break even stops protect equity from sudden reversals and are useful but they should be placed when it is safe to do so after making sufficient gains. In the markets we have with many robot algos they are a must.