I'm moving back to longer term trading from Intra-day trading. With this longer term style comes wider stops. I have developed my position sizing Spread sheet that I update daily. I only need to update the Daily Price movements. I have coordinated this with a long and short entry code set that draws lines after I enter my trades. I have attached both to this entry. Email me if you need some help with the spread sheet. Right now; I'm using .5 and 1n stops. this equates to about a 1/2% to 1% of my account balance.
My work schedule just doesn't allow me to catch either the begining of the Euro/Brittish market open or the US market open. Intra-day trading the Asia market is kinda boring. I'm working on my set strategy where you Take Breakouts / break downs and combine it with Swing trading. I'm only able to use the 4hr/daily/weekly charts to trade off of.
Once entry is made around a .xx20 / .xx50 / .xx80 / or .xx00 area. I add the N Long or short to my chart. I can now see where my prices are. I can visually see what a .5/1/1.5/or 2% gain (or loss) is in terms of price levels on the chart in reference to Price structure.
I have attached the N code and the spread sheet below. I hope this helps everyone.
The attached chart is my short position in cable. 4hr chart failed to make a new high in a declining market. .5n stop gets my stop placed just outside the prior daily high and above a .xx00 area. I could have gone 1n but, I'm feeling more comfortable with the .5n for now.
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