Move stop loss from retracement to retracement? Or is there a better exit method?

[frandlost]

Aggressive but not unique - its pretty much from Turtles trading.

I have the book by Curtis Faith one of the turtle traders. I’ll have to reread.

How about pyramid position size? Are your orders conservative or do the pyramid trades become more aggressive.

Don’t mean to Hijack thread. Sorry.

KC

[tommor]

Each new order same size as original, as a pyramid is triggered, I push the initial SL on the initial order (and earlier pyramids triggered) by 0.5ATR20 to keep pace.

[NormanA]

I’m now aiming to actively reduce my time in positions. Re-entry is quick, cheap and easy

I put the original entry order in and three pyramid orders beyond it at the same time, the pyramids are at 0.5, 1.0 and 1.5ATR20.

I’m using 2ATR20 as a stop-loss on all trades. . . . I decided to also use 2ATR20 as TP. . . . and I pyramid all the winners after a gain of 0.5ATR20 anyway. So far so good, too early for conclusions.

Hi Tommor,

Your present trading method has grabbed my attention. I’ve been thinking about it and have just gone over your posts. A couple of questions, if you will:

Approximately how many trades have you taken with this method, and how satisfied are you with your profitability?

Also, you say you’re trying to reduce your time in positions; reentry is quick, cheap, etc.; but a 2ATR stop combined with pyramiding which, I take it, includes advancing your TP with each pyramid, seems like it would be extending your time in positions. How do you reconcile these two seemingly contradictory statements?

Thanks,
Norm

[tommor]

Hi Norm -

Its too soon to say if this methodology is good for me. I had a financially bad month due to being hit with unexpectedly good economic news while short AUD and NZD, but that kind of landslide along the trail shouldn’t necessarily mean the strategy was bad, as the whole market was surprised.

I can see a couple of occasions trying to trade EUR/USD first short then long, but it has not really been in any convincing trend, so that was just too speculative on my part.

But I see a short USD/CHF and long USD/JPY that each failed because the 2ATR20 SL’s turned out to be too tight. Too soon to immediately conclude a wider SL would be better as another possible remedy to getting shaken out of a good trend by volatility is just to get straight back in once the shake-out is over without waiting for a conventional entry signal. I don;t know what such a trade should be called, but I’d rather take a second shot after a hit stop than not have the stop hit at all - its perhaps a personal style choice.

Onwards and upwards.

[aceofspace]

stop utilization becomes better as you become better.

Keep things simple. AROUND support and resistance

Don’t get carried away moving

[NormanA]

Onwards and upwards.

Thanks for your reply, tommor.

Yes, onwards and upwards.

[jessoprules]

I just use support and resistance levels for TP and SL, sometimes combined with Fibonaaci levels.