How do you decide it’s time to pull the trigger and enter a trade?
If you have more than one actual entry trigger you can gain benefit from breaking them out and looking at how well each performs for you.
The Entry Trigger is a standard parameter of type option, so you can right-click on it to add your own names, put them in the order you like or make one a default value to use.
An entry trigger is different than a strategy. Here’s an example…
You may have one strategy you use that is trend-following, and another strategy you use that is a news-driven momentum trade. You could record both these kind of trades in the Trade Log and break each out using the strategy standard parameter.
But let’s take it further and say that you enter your trend trades based on a few different setups; for example:
- break of a fractal
- pullback with the break of a doji
- break of a 3 candle tight cluster
- break of a key numeric price point
In this way you’d be able to isolate all your trend trades and look at them independent of the momentum trades you took (or any other strategies) and further see how well each entry trigger works for you.