Work out your stop loss using the ATR
The Average True Range (ATR) is used to position your stop losses. Add the ATR to your chart and then set the period to 20.
Observe the ATR's current reading and then calculate 66% of that reading:
Stop loss size= (ATR reading / 100) x 66
Round down the number you calculate – this will show you how far away
Top 4 FX Strategies: Trend Lines, Fibonacci, Price Action & More
Top 4 FX Strategies, Trend Lines, Fibonacci, Price Action & More
The 79% Pullback Pattern Strategy
When trading in the direction of the trend, the most profitable way to do so is to wait for a pullback – a temporary change in the direction against the trend, before it continues on. The 79% strategy uses a combination of Fibonacci, fractals and swing highs/lows to find the optimal point to enter into a trade.
Stop Hunting: Trade like the Big Boys
The Stop Hunting: Trade like the Big Boys course gives you an in-depth insight into the market as a whole, as well as how banks and institutions determine when and where to get into a trade.