I am observing this beautiful bull flag whole night but I would already want to go to sleep :-D So I decided I to put a buy stop loss order to automate the process. The bull flag trade is usualy traded at the breaking poit at the top of the flag (see e.g. www.youtube.com/watch?v=Sch9cXNi...) - which would be 5719 EUR for the current candle. I wanted to place stop loss at 5730 EUR, but it still feels quite tight (see the previous candle reached over the top line @ 5725). I am kinda afraid that when i leave the trade to the automat, it won't check what I would check - it's the aggresive and fast bull run with the volume - so it might actually happen that there will be just weak move up right to the stop loss and then fall back again.
So:
1) Where to place buy stop loss in this case? I want to buy only if there is another agressive rally up, I don't want to miss it, but I also don't want to catch just a simple wave that just touches it, let me buy high and then fall back again. I also don't want to put the stop loss too high, since then it reduces profit (+ the 0.3% taker fee that I have to pay on gdax - I don't really dare to put maker stop loss order - that would probably not fill).
2) Is it somehow possible to let gdax (or binance, bittrex, ....) automatically place sell stop loss AFTER the buy stop loss is executed? That would make super sense but seems no exchange offers that (at least I don't know how to do it, except for writing your own bot :-))
So:
1) Where to place buy stop loss in this case? I want to buy only if there is another agressive rally up, I don't want to miss it, but I also don't want to catch just a simple wave that just touches it, let me buy high and then fall back again. I also don't want to put the stop loss too high, since then it reduces profit (+ the 0.3% taker fee that I have to pay on gdax - I don't really dare to put maker stop loss order - that would probably not fill).
2) Is it somehow possible to let gdax (or binance, bittrex, ....) automatically place sell stop loss AFTER the buy stop loss is executed? That would make super sense but seems no exchange offers that (at least I don't know how to do it, except for writing your own bot :-))
Comment:
I placed it @ 5737 :)