Many traders will use ATR as a way to determine their stops. It usually works like this:
Stop loss for a short trade = high of last candle + ATR value
Stop loss for a long trade = low of last candle – ATR value
In order to make it easier to visually see where those stops would be, I’ve created an ATR bands indicator. This indicator will show an upper and lower band around the price, showing where you can put your stops (or trail them in open positions).
Since a picture is worth a thousand words, here is an example of how it looks:Read more and download
Around this time of year, we often review the past year and also look forward to the next. We look at achievements and goals and at ways to become a better trader in 2020.
Change is the only constant
There are many ways to step up my trading game but for me, 3 themes stand out. In the past, these 3 things have resulted in the biggest positive change in my own trading.
As we are moving into the new year, I wanted to share these with you.Read More