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buy and sell stops

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buy and sell stops

Lessons learned from using buy and sell stops.

At first I must admit that I must have missed the use of these tools in courses or demo's. So I learned the hard way!

Setting up the trades didn't seem too difficult. I did check M 30 and M15 for a clear up- or downtrend, but set the trade up on a M1 chart, just above or below the pivot high or pivot low. And I used a Stop Loss.Then I let it rest.

That cost me dearly. Every trade got triggered, but reversed immediately and I lost 3 days of winning trades.

What did I learn from this experience: 1. To set up the stops at least 8-10 pips above or below the pivot high or pivot low. 2. To place the Stop Loss below the pivot low (Buy Stop) or above the pivot high (Sell Stop). 3. To monitor the trade regularly once it was triggered and to adjust the Stop Losses to reduce the risk. 4. To step out fast when a trade turned against me. 5. Only to use the stops for the intermediate term.

I am now in my fourth profitable day and hope to reach silver 2 by the end of the week!

Although we all like to make our own mistakes and have a habit of repeating this, I do hope to help at least one person with my experience.

Greetings to all,

Paul Lenssen

Wed, 07/03/2019 - 6:44am

Keep up the good work!


I find many times the price action goes against me during the first 10-20 minutes I place the trade regardless of how strong the technical indicators look short term and medium term. So I only enter into a trade when I can watch it for at least 20 minutes and I place my SL at least 20-25 pips away (for XAUUSD even more). Once the price action moves in my favor I place my SL i.a.w. previous pivots. This helps me avoid being knocked out of my trade too soon.


lgtrendy, after reading your post you simply need to study up on your candles and know when you are entering.
Another item that might help is to wait until the next candle to the last one observed is a minimum of 1/2-3/4 past the previous candle and in the direction you are looking to go.

If those two do not help easily come back to and I have two exercises that can improve but they are a bit of work.


Awesome information! Thanks all for sharing.


all is not lost when we have losing days, they are great learning opportunities


Hi Paul.lenssen, I too use buy and sell stops everyday. I use them because I dont have the time to analyze the charts all the time. I dont use stops because I watch them carefully. I set them at previous lows or highs and watch which way the market wants to go. It is a great way to grab a few pips out of several currency pairs at once. See you in gold!