Track 'n Trade Autopilot Plug-in

Step 3 - Exit

Video Transcript

Let’s start from the very top of this section with Tics, or Bars, or none.

If we select tics, you’re asking Track ‘n Trade to simply drop your stop order the number of tics back behind the market. In this example, you can see we’ve placed our stop at 15 tics behind, which calculates out to be an initial $75 risk, which is automatically calculated for you.

You’ll also notice that we have the Average Bar height auto-calculated for you as well, so you can make a judgement call on how far behind the market is a prudent distance.

Next, we have Bars Back. It’s a common strategy to place your stop order behind a previous level of support, or resistance, rather than just dropping it back a specified price, or random number of tics.

By selecting Bars back, and then turning on the Filter lower, highs, Higher, lows filter, Track ‘n Trade will count back the specified number of bars, find the lowest point, or highest point, depending on whether you’re going long, or short, and place your stop order behind the area of support, or above resistance.

Then, if you slide down here, and select continuous, Track ‘n Trade will continually trail the market behind levels of support and resistance, moving your stop forward as the market advances, and holding it back when markets retrace.

You can even tell Track ‘n Trade to trail to break even, then stop trailing, by selecting the Break Even box.

Let’s come back up here, and talk for a minute about Jump Stops.

Jump stops do, just as the name implies. If the market moves a specified number of tics, then we can jump the stop forward by a specified number of bars, either plus or minus the break-even point.

We than add an additional step. Once your stop has made its initial jump, you can then specify an additional continues trailing strategy, by specifying how quickly you want the trailing stop to follow the market, either moving with the market price, more slowly than the market price, or accelerating into price in a parabolic fashion.

Alternatively, you have several other choices for exiting the market.

You can exit through mathematically calculated auto-trailing stop orders, such as the PSAR, the Bulls ‘n Bears Blue Light System, or the ATR indicator.

You can also have the Autopilot set Limit Orders to take profits once a specific target, or goal price has been reached, along with a several additional market acceleration and stagnation filters that can be used as well.

If the market does not decisively move in your favor after a specified number of bars, you can simply exit the market, where the Autopilot will automatically reset and wait for the next signal, or if the market takes off, with a large un-expected move, you can quickly take the profits and exit the position, before the market has a chance to rebound, which seems to be a common occurrence during news events.

Lastly, you can exit and reverse your position, and swing trade back ‘n forth with each new signal, or if you’re using the Bulls ‘n Bears, you can exit on the first Neutral Bar, rather than waiting for the exit signal.