TheStrategyLab.com Price Action Trading Support Forum

So I had these three trades today on the TF ( 1M bars) It wasn't clear to me that using the wrbs and hgs would have helped with my exits. Comments appreciated. Thanks.

Hi,

You had 3 consecutive Short positions and each one reached a WRB pt1.

Therefore, I don't understand your question considering they all reached a designated WRB profit target. Yet, if you didn't exit those positions when the WRB pt1 was reached...I'm curious why you did not.

Also, I'm curious about where you had your stop/loss protection at for each of the trades.

Note: There's a difference between sell stop order versus sell short stop order. My above reply is based upon a sell short stop order for opening a Short position. In contrast, a sell stop order is for exiting a Long position. That's why I'm confused because your wording on your chart is "open trade with sell stop order"

Simply, if you were exiting Long positions...please show me on your chart where your Long positions were entered so that I can then determine where the WRB pt1 was located at in comparison to your exit (sell stop order).

Regards,
M.A. Perry

Oh, yes, definitely sell short stops to open the positions.

And yes, they all reached a wrb for sure but would it have helped me to exit at those points (rather than using a fixed profit target)? My general problem is that I get a lot of wrbs on 1M charts and I don't know how to best use them.

I'm enjoying learning about your work and I want to be sure that I keep up my end of the chatroom bargain. i only asked questions yesterday but didn't post anything useful in the room.

Thanks

Hi,

I really can't answer that question because i don't know what fixed profit target you're using. Simply, if you knew what fixed profit target you're using...you can then just review your past trades to see how your fixed profit targets would compare against WRB profit targets.

Next, going forward, do the same. Yet, make sure you determine what your fixed profit target is before the trade and write it down...then write down the WRB profit target if reached. You can then keep a statistical comparison of WRB targets versus your fixed targets to determine which you prefer to use.

Regards,
M.A. Perry

OK, thanks.. just happy to hear that I'm on the right track.