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Quick question on stop loss placement. You mentioned "It is normally about 2 ticks below the previous bar on entry". Can you shed some light on why you choose the low of previous bar to the entry bar for stop placement?
Could you please anotate the charts attached with your setup, entry and exit? I am pretty sure that I have the criteria implemented but for some reason, these two (there are others) are questionable for me.
By the way, I love the methodology. I am in the process of adapting it to fit my style (short, quick scalps, blah blah, blah, etc.).
Thanks for the support and I apologize for the trouble.
If you break the previous bar low then your original assumption for entering the trade was wrong and you should get out as soon as possible. The 2 ticks below is for leaway, as often it tests the previous bar low and then shoots off in the direction of your trade, so again we do not want to get stopped out of a potentially good trade.
I was confusing Method 1 and Method 2 or more to the point, I was apparently trying to using both at the same time to come up with one entry point (second graph).
I hate to ask, but could you tell me if the bar inside the highlighted ellipse (with arrow) is the setup bar for Method 1? Or am I off the mark again. Please see attached chart.
the few last trades have the black line - what are the parameters for them - i assumed that we would have the ema 5 and also the ema 40 plus the hma-ema red/blue lines - so somehow i have an extra line or we stopped using ema 40 for this system and are only going with the ema 5