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So, I have been watching the EOD reviews of Brad wolff on youtube and there is a video where he mentions the use of limit order to enter.
Brad says the stop loss is the same size of the signal bar but in the opposite direction.
In the image the doji bar is the low I want to enter in, I have put my stop the same distance of that bar but in the reverse direction.(explained by brad) but would I move my stop loss?
where would experienced traders keep their stop loss and do they trail stops like Al says in the scalping video like move their stop loss a scalp or half the scalp below the low of a bull bar in a bull trend or a tick below a credible sell signal bar?
thanks in advance.
Abishek, check out out could be wrong
I do not understand your explanation. and I don't know if you answered my question.
Hey Abishek, I prob didn't. Sorry 🫡
Abishek, I didn't fully understand your question.
When scalping, we use a oco order to enter and exit the trade quickly, we don't use a trailing stop.
When swinging, we can use a trailing stop on part of the position, holding it until the session closes or until you we have a credible opposite signal.
In general we trail stop just below a major higher low or just above a major lower high, because the swing could go for 10 bars, 2 legs or more.
But trailing the stop just below a bull bar our just above a bear bar only make sense in end of day when market show a BTC o STC trend, because usually does not last more than about 5 bars. source:Video 48J
