Yeah, great morning for the traders....I actually got filled on buy orders +26 cents...before I could even type the symbols in my quote window both my retracement orders were filled, yea! LOL. Don
Im using a 25c hard stop and Im thinking of tightening that. My win rate is 77%. It doesnt seem like many trades are down a lot initialy then snap back, so most down trades continue down and hit stop. So I may tighten to see if that reduces my average loss and therefore increases my net P. Does this thinking make sense if I find my new stops are not taking me out of potentially winning trades?
3 fills, short, 3 wins, about +0.06 avg Out a bit early GE. Stops, more of an art than science. Test different scenarios and see what the stats reveal? Don, how many fills?
The closer you get increase your probability of getting shaked out. With a stop you cut big losers, good thing. Some stocks go the oposite way and then come back at a profit or flat, then you have to tape read. IMO it all depends on your list. You can't really have a set rule for all stocks, unless they trade in a similar way. I dont use stops because I find I get shaked out too often but I do get some wild rides. The best way to do is too look at the time and sales of your losers and see what if I had done such and such...
6 Fills. 4 Long 2 Shorts. 4 Winners 2 Losers (both longs). -3c/h Should have widened on longs vs shorts.