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Hi Torero,
Read your post and something popped out in my mind. I was always curious to know the exact stop placements traders use when using pivots. How many ticks away do you usually place your stops above/below a pivot? The markets do have a tendency to test the highs or lows and even violate it by a few ticks. |
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This is an example of my trade last Friday. I chose 600 because the tendency for prices to fluctuate between pivot high and low is 2-4 points. So my stops are usually 1.5-2.5 pt.
I took my short at 758.1 and didn't exit until 754.1 where there was resistance 1 pt away. I move stops until the target is hit or my last stop gets hit.