Use the Daily Range to Set Stop Loss and Profit Targets

Anyone who spends any time in our trade room, or simply talking to me about trading knows I am a support and resistance addict.  I use it daily, with every trade.  My approach to trading ANYTHING relies on the information given through Support and Resistance.  And, when people ask me about stops and profits targets .yup I say Put them near key support and resistance levels. But what if I had to do it differently?  What if my trading REQUIRED me to choose mechanical, calculated values instead?  How the heck would I do it? Could this a Support and Resistance junkie really come up with a way that made sense?  I always enjoy a challenge. So, I spent some time thinking about it. If I had to choose a method for placing my stops and profit targets not based on my favorite method here is how I would: Before I get to the actual nuts and bolts , let s cover the theory first.  The name of the game here is Daily Range.  What is a daily range? It s the number, in ticks, that each trading
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