As you trail the stop loss with the 6 Day RPR, remember to maintain discipline by not moving the stop loss back away from the retracing market. In other words, if you raise your stop loss, then keep it there. Period. ONLY MOVE THE STOP LOSS TO TIGHTEN AND NOT TO LOOSEN THE DISTANCE.
This rule applies to whatever indicator or means you are using to trail your stop loss. Trailing a stop loss means only trailing it behind, not doing the opposite and moving it away from the retracing market price.
In this example of the CHFJPY your stop loss would have been maintained at the previous day's 6 Day RPR low of 116.4480 and not moved down to 116.0888, which is the current days' 6 Day RPR low.
This rule applies to whatever indicator or means you are using to trail your stop loss. Trailing a stop loss means only trailing it behind, not doing the opposite and moving it away from the retracing market price.
In this example of the CHFJPY your stop loss would have been maintained at the previous day's 6 Day RPR low of 116.4480 and not moved down to 116.0888, which is the current days' 6 Day RPR low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.