I was thinking of a Trailing stop rather than a take profit but havn’t tested it out yet. Some days it does go a lot more than 20 pips. But the more pips positive the less often it happens. Maybe lock in half at 20pips and use a 20pip trailing stop for the remaining half.
When do you get out of that box in your head ? 
Same repetitive run of the mill stuff.
You’ve got other options.
Yeah, I’m visualizing it in my head based on your chart of winning percentages there.
For instance, if price moves outside the hi-lo by 20 pips around 80% of the time, then 80% of the time you’d suffer no more than 10 pips loss on a 30-pip trailing stop. If you get 55 pips about two-thirds of the time, then you’d also enjoy at least +25 pips profit (and much more on those occasions wherein price moves far beyond the previous hi-lo in that direction). Of course, if price never really gets very far above the entry trigger and falls back, well… then you would have lost your 30 pips, anyway.
I’m just spit-balling here; I certainly don’t have the numbers to back any of this up - and used is being coy about the answers he certainly already knows. 
But in contrast to you, Mike, I’d actually like a set-it-and-forget-it strategy for those times when I’m not at the comp trading MMTT. I have to leave my home office by 4 pm EST for an evening job, and I also can’t make the London open (although I have been getting up early enough to catch it two hours in). If price doesn’t not often move much during the overnight hours until London opens, we’d still likely be in many of these trades by the time we got up in the morning to check on their progress.
personally i think most of the reason trade will reach 20 pips above/below the hi/lo is because many big players set the stops at or near the previous high/low, so when theyre stops kick in it moves price up or down accordingly
[I]personally i think most of the reason trade will reach 20 pips above/below the hi/lo is [B]because many big players set the stops at or near the previous high/low, so when theyre stops kick in it moves price up or down accordingly[/B][/I]
If your assumption had any merit [B]No One[/B] would trade HiLo’s because it would be to risky & a trade risk strategy would be impossible to deploy.
GBPUSD broke yesterday’s Lo .5319 by 8 pips.
It broke last week’s Lo .5344 by 27 pips.
Daily open prints .5338
Currently price moves between .5338 & .5314
The average range support line print of that pair is .5335
The last three hours you are looking at a narrow 30 pips .5344 - .5314 channel from top to bottom.
You wouldn’t see that if stops would have been hit around various HiLo price markers.
What is happening at this minute; Money is flowing into this pair & a hell of a lot of Money by the looks of it.
HaHaHa
& these are the triggers & drivers they need to get that order flow going.
[B]09:30am GMT
BOE Gov King Speaks
12:45pm GMT
CBI Realized Sales[/B]
I’m up early. nice little range there but I missed the drop out of it. The range was so narrow all during the day yesterday my orders didn’t get triggered and a bit before 5pm eastern I closed them. Saw things starting to move during the Asian so entered short for about 20pps. Not the plan, but it worked anyway.
im giving reason why price jumps 10-20 pips in the green the comes back. and what do you mean by any merit? obviously you dont know where big players like to place stops lol. theres actually forms of trading that are based around finding where big players would place their stops and making pips off of it. and actually what you descibed is what would happen if big players would palce their stops there. notice how the prices dont stray too far from the highs or lows? its not rocket science and im sure you know how it works. a big player is long, price hits their sl (possibly a daily low) because their sl is an opposite contract its a short and price drops somewhat. and because quite a few big traders do this price drops anywhere from 5-25 pips. also. just because big traders do this doesnt mean they do this every day. like ur assuming. Havnt you ever read new market wizards? all of this information is in there im pretty sure. not only that but i thought this was common knowledge
Gee whiz, I’m feeling all boxed in. :eek:
but seriously, what’s wrong with a trailing stop?
edit:
Looking at the chart today, it’s obvious after the fact when I’ve missed lots of pips, that a simple 20 tp could be improved upon.
Got up at 4am this morning, working my way back to London open so I can be in fron’t of the charts.
MP, Set & forget, if it works out is good but I just think being there for it would be better.
quoted from New Market Wizards.
Interviewer: What else did you learn on the floor?
Monroe Trout: I learned where people like to put stops.
Interviewer: Where do they like to put stops?
Monroe Trout: Right above the high and below the low of the previous day.
He owned his own trading firm and was profitable 69/79 months. He retired at age 40 with net worth estimated at $900m.
So there you have it. As quoted from a professional trader, all the information I said. Does what I said previously still have no merit?:rolleyes:
i think a trailing stop wouldnt be as effective simply because your looking at holding a position for the whole day sometimes. and rather large retracements could occur during a day. so you may be stopped out early with less profit then you shouldve had
yeah, I can see that drawback to a trailing stop.
maybe a jumping stop. kind of the same but allows for more breathing. say price goes +50 pips. move stop to BE price goes +100, move stop to plus 50 and so on
I was wondering if we put our 30-pip trailing stops in at start of the new day’s candle and let it run. If it goes farther before retracing - as you correctly indicate it often does - we’d likely be online by New York open and could then begin actively managing the trades.
Anyway, I’d like to trade this. I just don’t know if I want to try something like a 30:20 SL:TP or a trailing stop.
Yeah, because it is the way you approach this problem.
The way a lot of you people think is in set & rigid ways.
Take a random x number of pips trailing distance & that is it.
Why don’t you look at your 15m,5m chart & identify peaks & throughs for set time period you want to trade this set-up? And use that information for your trailing stop.
There are still other ways to get this solved.
What are the other ways? I would be interested is learning about them.
you could watch price action and look for possible reversals. or you could use pivots and S/R for TP areas. but this wouldnt allow for a “set it and forget it” approach
TalonD i currently have two strategies, one for EUR/USD and one for GBP/USD. both are looking pretty good with about a 55-60% win and showing steady gains. If youd like ill post the strategies on here if not I can PM them to you.
I mentioned somewhere back that the lower time frame fluctuations would be good to look at as far as figuring out how big a stop should be.
What about things like support and resistance or pivot points as areas where stops and TPs could be placed?
Always willing to look at a good idea! PM if you don’t mind so we can keep this one on the high low break as much as possible.
I mentioned somewhere back that the lower time frame fluctuations would be good to look at as far as figuring out how big a stop should be.
What was the size of trailing stop required to keep this GBPUSD HiLo play alive for maximum gain, today?
What about things like support and resistance or pivot points as areas where stops and TPs could be placed?
What about it?
What’s just below from where we are now?
What did the GBPUSD Shorts do 200 pips above from where we are now?