Hi Everybody :)
I have been trading forex for a while now on the H4 time chart , but recently I decided to get a job plus make the trading, so i will be moving to the D1 instead of H4 , I used a stop loss of 35-40 pips on the h4 chart , but I wanted to increase the stop loss when i start using D1, :) So all D1 swing traders tell me how much stop loss do you use when you trade???
Thanks for your cooperation all in advance.
Difficult question… it really depends on the recent volatility of the pair you are trading. Look back over the last week and see how bad things could have gone before getting heading back with the current trend. I’ve seen some recommendations of going about 20 pips above/below the worst candle for the last 4-7 days.
I’ve set stops on daily charts anywhere from 80 to 250 pips. Naturally, the larger stops meant reducing my position sizes to comply with my risk rules. Sometimes, you may have to pass on a trade if the minimum position size your broker allows would mean too much risk on the trade.
a friend of mine set his D1 like this:
GBP/USD：50S/50B/120P
USD/CHF：30S/30B/70P
EUR/USD：40S/40B/80P
USD/JPY：30S/30B/100P
EUR/JPY：60S/50B/150P
And I’m still testing , hope it can profit:)
Try parabolic SAR levels, they are meant to give u a % above or below the candle or bar, I use that % and set my losses. I trade 15 to 30min mostly.
And I use the ATR indicator; conservative can be 70 or 75 or 80% of the ATR; agressive can be +10 or 15 or 20%. It is whatever you are comfortable with. d
I use 100% atr, if you are holding longer than a few days, you need it that big to let it breath.