Stop Loss Placement using ATR - Picked this up from @Trader_Dante
-
Recently I’ve seen a few here getting wicked out on their setups and price moving the other way (including myself) - it can be hard sometimes to find a good place to place your stops, especially during scalps.1/4
-
Recently I’ve seen a few here getting wicked out on their setups and price moving the other way (including myself) - it can be hard sometimes to find a good place to place your stops, especially during scalps.1/4
So for this I use ATR to help me get a rough idea on where to place stops - Dante likes to use this technique when he enters on potential SFPs before confirmation but I found this to work for me when I enter trades to not get wicked out. 2/4
How to use? Set your stop at the 24 period ATR value at your entry candle. Included are examples on how to use and the settings I use on a 4H chart as well as the link to the indicator - you can copy paste it into TradingView pinescript editor and add to chart. 3/4 
Don’t rely on only this while placing your stops tho and don’t forget the golden rule of placing your stop at the price at which your setup is invalidated.
-
Link to indicator - pastebin.com/raw/cWbWbH9d 4/4
-
Link to indicator - pastebin.com/raw/cWbWbH9d 4/4
