Tribute to Brooks

[nooby_mcnoob]

You know, I am going to do something I never thought I would do, which is to talk about a user in their own journal in the third-person. He simply refuses to acknowledge my handing him a lotus flower to try and make peace, and is flatly ignoring my questions to him. That's darn rude.

So tell me @nooby_mcnoob , what is your opinion of padu's comment here?

...and add more if another breakout comes with a wide stop..."

I was going to ask him what he thought about how wide that stop should be. What is your take on that?

If I am lucky enough to add to a profitable trade, it's usually good enough to keep my stops at breakeven on the average. I don't use stops to exit, just as a cover-my-ass strategy. Then I use price action to decide if the trade is over. So I guess technically, my stop on the new one is potentially HUGE but again, I am not using stops to exit when I'm right, just when I'm wrong.

But as the trade keeps going right, I usually take some off and keep the stop somewhat below noisy areas. Just in case it slices right through and I have no chance to exit.

 

[Overnight]

If I am lucky enough to add to a profitable trade, it's usually good enough to keep my stops at breakeven on the average. I don't use stops to exit, just as a cover-my-ass strategy. Then I use price action to decide if the trade is over. So I guess technically, my stop on the new one is potentially HUGE but again, I am not using stops to exit when I'm right, just when I'm wrong.

How WIDE should the stop be though? There is a point to this question, which will be clear in a few days, or week, if I estimate it correctly.

 

[padutrader]

Forever a demo trader I guess. Hey, it's a harmless hobby and who knows, maybe one day you'll be good.

again personal comments.

so you are not trading anything at all. you are not trader

i have 5 live accounts and 5 demo accounts and i do not make personal comments ...

maybe one day you will be a good ...a good Human being.....but i would not hold my breath

 

[nooby_mcnoob]

How WIDE should the stop be though? There is a point to this question, which will be clear in a few days, or week, if I estimate it correctly.

It can be as wide as your average price, or it can be as close as the latest area of congestion. I'm not sure what your point is.

 

[nooby_mcnoob]

again personal comments.

so you are not trading anything at all. you are not trader

i have 5 live accounts and 5 demo accounts and i do not make personal comments ...

maybe one day you will be a good ...a good Human being.....but i would not hold my breath

You are an interesting guy. I'm going to wager your 5 real accounts are primarily buy and hold, which is fine.

 

[Overnight]

It can be as wide as your average price, or it can be as close as the latest area of congestion. I'm not sure what your point is.

The point will be made clear soon, if my estimations are correct. If so, you will get the point of the question. And if true, double-whammy for the OP.

 

[nooby_mcnoob]

The point will be made clear soon, if my estimations are correct. If so, you will get it.

Also depends on your trading time frame, I'm sure.

 

[padutrader]

what i understand from brooks: a strong trend is one where pb do not go past the BO point and a channel is one where the pb goes beyond the bo point


in bo phase use stops to enter..........once pb phase starts then use limit orders to fade break outs , scale in and use wide stops...plan your position size for this.

whether this is complicated or simple, i do not know but what i do know is that the trader has to deal with it

 

[p0box4]

it is what brooks says

You have been trying to copy Brooks for decades now, clearly it isn't working out.
Maybe, just maybe it is time to move on ...

 

[NumberZ]

How WIDE should the stop be though?

Brooks would say that if you are long then your stop should be below the low of the last bull breakout based on the time frame you are using to generate your signals. The stop is not based on your account or your own feelings about loss. It is based on the market. If you cannot afford the stop, Brooks say "simply wait for a set up you can afford to take."