Hi all
So, we all want to be able to place the SL at the right distance from where we enter the trade. I have with some success used ATRx2. But the ATR measures in both directions so to speak, so in a heavily upward trending market like we had yesterday March 1st, the ATR reflects the length of both the bars going up and down. And if I'm Long, the length of the bars going up don't worry me, it's the pullbacks down that I need to have a study that shows me the historic length of.
So, does an ATR exist, that is split into up and down going bars? What would that study be called?
I'm on ETX, and halfway found a solution, using the "Change" study, and then only looking at the Change bars in the opposite direction of my trade. But... Change only deals with Open and Close, not High and Low, so it will underestimate an environment with long tails.
I hope I explained well, if not let me know. And any suggestions are welcome.
So, we all want to be able to place the SL at the right distance from where we enter the trade. I have with some success used ATRx2. But the ATR measures in both directions so to speak, so in a heavily upward trending market like we had yesterday March 1st, the ATR reflects the length of both the bars going up and down. And if I'm Long, the length of the bars going up don't worry me, it's the pullbacks down that I need to have a study that shows me the historic length of.
So, does an ATR exist, that is split into up and down going bars? What would that study be called?
I'm on ETX, and halfway found a solution, using the "Change" study, and then only looking at the Change bars in the opposite direction of my trade. But... Change only deals with Open and Close, not High and Low, so it will underestimate an environment with long tails.
I hope I explained well, if not let me know. And any suggestions are welcome.
Study used to decide Stop Loss placement
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