Use Previous Bar as Stop -
Using the previous bar's high or low as the stop seems pretty reasonable. Because so many people have been taught to use these type of stop orders, they get taken out a lot more that you think. Traders try to run stops and these are the closes ones to run for in our opinion.
But, when markets are running, they seem to work well and we do use them. It is in the sideways C-zone type market price ranges we would suggest a different type of stop.
Go Fish Pro has a one click function to place this type of stop order. Go Fish Pro knows if you are long or short. It knows how many positions you have on. It know the price level(s) of the previous bar's high or low.
With one click, the stop is places.
Past performance is not necessarily indicative of future results.
Futures, Options on Futures and Forex trading involves a substantial degree of risk of loss and is not suitable for all individuals. An investor could lose the entire investment or, in some cases, more than the initial investment. Past performance is not necessarily indicative of future results.