My exit strategy to reduce risk via tracking price and ATR. Sets new STOP price based on how many ATR is current price above from the entry price.
I only check 5 and 20 EMAs for entry strategy. I intentionally used a simple entry strategy to further test the impact of this exit strategy.
First sets STOP at 1.5 ATR below the entry price. If there is a 2 ATR increase, pulls STOP to the entry point to eliminate the possibility of loss. If there is a 3 ATR increase, takes a 50% profit and moves STOP to 1 ATR above the entry price. If there is a 4 ATR increase, moves STOP to 2 ATR above the entry price. If there is a 5 ATR increase, moves STOP to 3 ATR above the entry price. . . .
This is my first strategy attempt so I am open to any recommendations. I am planning to update this strategy overtime when I get better at pinescript and trading in general