|
Quote: |
|
 |
|
|
I believe the amount of profit that can be realized by staying in a market that trends beyond expectations, will more than offset those times when the market takes you out at a lesser amount than had you exited at a target. |
|
|
|
|
Not sure I agree with that Pivot... Again, it's all based on each trader's trading methodology, but for me and using snug stops, more often than not, the market may tip my stop and then move if I get 'greedy'. This was why I was using set profit targets that we discussed in another thread. I needed a way to exit before any threat of a retracement. So far, WRB's seem to help with this.
|
Quote: |
|
|
|
WRB are created by the market itself and are thus superior to mathematical targets however. |
|
|
|
|
Great statement. I only wish I had looked at WRB's more closely sooner!
|
Quote: |
|
|
|
Because of what WRBs can be, I am more inclined to move a trailing stop to just below the most recent WRB. This way one is using the markets own information to manage the trade while refraining from unnecessary prediction and speculation. |
|
|
|
|
That is another idea Pivot. Thanks for sharing... I will have to consider a stop movement based on the WRB. Question though - where exactly would you move it to? Take a look at my attached chart and let me know what you think. If I trailed that stop in that example, I would inevitably be taken out at the low of that red candle...
