Hi everyone,
I'm new to this forum, so this is my first post. Price action is the core methodology of my trading since a year now and I'm getting more and more comfortable with my own trading strategy / trading plan.
But during the last few weeks I discovered that I'm not satisfied with my StopLoss-Management.
Right now, I trail the StopLoss at every 1:1 to the next RR-Zone. This means in detail:
Start: SL at -1R
1RR -> SL to BreakEven
2RR -> SL to 1:1
3RR -> TakeProfit
This system prevented me from some losses, when I was already in good profit and the market turned. But I'm thinking about to give the Stop more room by setting it to BreakEven later (maybe at 2RR). Because I'm aiming for a 3:1 with all my trades I need a point where I can put my Stop to BreakEven. Otherwise the trade would be too long into risk.
I've attached an Image of a recent trade on the CHF/JPY to point out my problem:
1. I entered the trade at the red arrow
2. I catched a nice 50%-Retracement-Entry
3. my target was set at the 3RR-line
4. before the price could get there, it hit the 2RR-level, so the SL was set to the 1RR-level
5. one day later I was stoped out at the red cross
6. six days after my entry I could have reached my target at 3RR.
Do you have some experience with this problem? How do you handle your StopLoss?
Thank you all for your support, and especially Dale for this great website including all this fanatstic stuff!
Cheers from Germany,
Bucardo
I'm new to this forum, so this is my first post. Price action is the core methodology of my trading since a year now and I'm getting more and more comfortable with my own trading strategy / trading plan.
But during the last few weeks I discovered that I'm not satisfied with my StopLoss-Management.
Right now, I trail the StopLoss at every 1:1 to the next RR-Zone. This means in detail:
Start: SL at -1R
1RR -> SL to BreakEven
2RR -> SL to 1:1
3RR -> TakeProfit
This system prevented me from some losses, when I was already in good profit and the market turned. But I'm thinking about to give the Stop more room by setting it to BreakEven later (maybe at 2RR). Because I'm aiming for a 3:1 with all my trades I need a point where I can put my Stop to BreakEven. Otherwise the trade would be too long into risk.
I've attached an Image of a recent trade on the CHF/JPY to point out my problem:
1. I entered the trade at the red arrow
2. I catched a nice 50%-Retracement-Entry
3. my target was set at the 3RR-line
4. before the price could get there, it hit the 2RR-level, so the SL was set to the 1RR-level
5. one day later I was stoped out at the red cross
6. six days after my entry I could have reached my target at 3RR.
Do you have some experience with this problem? How do you handle your StopLoss?
Thank you all for your support, and especially Dale for this great website including all this fanatstic stuff!
Cheers from Germany,
Bucardo