Hi guys,
Just wondering what values you recently use for your stop loss in these times. I’m interested expecially in those who trade the 15m or 30m charts.
I used to set it somewhere between 20 and 45. It seems nowadays even 50-60 may be to small, I got 12 trades in the last 3 weeks going my way but first taking a detour through my 35 and 40 pip SL. It’s rather annoying…
So, what did you change in your strategy?
And if you didn’t, please tell us why:D
[I] I use TRO_RANGE_COUNT:
I just drop to the 5 minute chart and check the last 288 bars (1 day) for a candle size that is not made 90% or more of the time and use that as my MSL size.
For the EURUSD a 5m candle is less than 20 pips 99% of the time.
For the GBPCHF a 5m candle is less than 40 pips 95% of the time.
For the GBPUSD a 5m candle is less than 30 pips 93% of the time.
I would use: 20SL for the EURUSD, 30SL for the GBPUSD, & 40SL for the GBPCHF.
Risk any more than these numbers and you will have a hard time making a decent profit during your trading session.
If you are an intermediate term trader then I would suggest doubling these numbers and entering into a trade where you would normally place your SL and have your SL above that.[/I]