Where do you place your stop loss? 🌐
First, read our tutorial about market orders and limit orders:
Your stop-loss is such a limit order that you place above the point of collision of the trend lines that print the technical pattern on your chart:
- If you've got a Bullish Pattern (Bullish Wedge or Bullish Pennant), you place it below the pattern.
- If you've got a Bearish Pattern (Bearish Wedge or Bearish Pennant), you place it above the pattern.
In channels (Bullish Flag or Bearish Flag), you do not place the stop loss outside the pattern because you put it inside your channel around the point where the price last touched the left trendline.
Where would you place your stop loss in the pattern above?
(The solution's in a comment.)
Regards,
OXY
First, read our tutorial about market orders and limit orders:
Your stop-loss is such a limit order that you place above the point of collision of the trend lines that print the technical pattern on your chart:
- If you've got a Bullish Pattern (Bullish Wedge or Bullish Pennant), you place it below the pattern.
- If you've got a Bearish Pattern (Bearish Wedge or Bearish Pennant), you place it above the pattern.
In channels (Bullish Flag or Bearish Flag), you do not place the stop loss outside the pattern because you put it inside your channel around the point where the price last touched the left trendline.
Where would you place your stop loss in the pattern above?
(The solution's in a comment.)
Regards,
OXY
Trade closed: target reached:
FYI, We've taken profit on this short.
