After having some good success with the NickB method, which I love by the way, I couldn’t help but notice that if one ****s their head slightly, the trendlines which develop also provide similar & great opportunities.
I like the 4hr charts used by him, but would also consider moving to a slightly higher timeframe.
My main concern is this:
I’d like to try to come up with some sort of algorithm which calculates target, and thus stop for 1:1 r/r that is based upon a percentage of the prior trend distance & length of time elapsed during trend. This would anticipate the distance of future moves, and also filter out bad trades based on insignificant moves.
If anyone has experience with this sort of thing input would be greatly appreciated. I’m not looking for someone to do the work for me, just a nudge in the right direction. Stories that involve the creation of algorithms with completely unrelated factors to mine are welcomed as well, as it would help my perspective.
Thanks & happy trading!