08:25 New York cancel Trailing Stop Put Stopp loss to old Stop at 1.2420 Mistake TrailingStopp to early, price wasnt far enough.
Any idea who Scott Redler is? Think he's an amateur too? Any idea what his experience is and how he trades intraday? Have u ever seen him call out trades and where his stops are? Any idea what his success rate is and why he is constantly grillled by the cnbc talking heads for his TA calls? Ever watch a morning call video or daily market wrap video on his macro & micro breakdown of markets & high beta stocks? The only amateur evidence I can see is what u will see if u look in the mirror...
Agreed. It's all about the edge. Those that have no edge are forced to set wider stops... thinking they are being smarter than the pros by not "advertising" to be taken out by market makers. What they dont seem to realize is that with the right timing and setups price will have an extremely low probability to revisit that extreme high or low during their trade's timeframe.
I was reading about Testosterone: before a competition both sides of the contest get more of it. After the competition the winner gets EVEN MORE and the loser gets less... less testosterone = less growth hormone = feeling older rather than younger. I'm thinking that the cranky people on these forums, maybe everywhere, are losers..
HTR, Glad to see you back. Don't let the naysayers bring u down man. Some people can't help being negative. It's in their nature I guess.. Peace & blessings bro.
wider stops can also be used when the market moves outside your scenario. ie , this hns patern in eur, if it gets above that circle it may make an extended double shoulder,start to lose its hns pattern,,but while its hugging that neckline, stay in the trade because if it plays out it will pay big,so far that setup is still valid, but you do have an emergency catastrophe stop, in case something happened (car accident for instance ) where you wouldn't be able to monitor /trade your position
Well considering a standard stop loss location for a hns is a break above the right shoulder peak...and the fact your measured move target is typically at least twice that distance for a 2:1 reward to risk ratio--- if that is what you are referring to for your stop-- I wouldnt really consider that an out of the ordinary wider than normal stop. The bottom line regardless is if one insists on using a wide stop - the most important consideration is proper position sizing--size must be reduced so if proven wrong u still maintain a 1R... if not catastrophic ruinous results are inevitable over a series of losing trades.