Last High Low for Stop and Loss is technical indicator. Originally build for deciding which levels use after you make decision to enter the trade. Simplified, you have strategy which tells you where to enter the trade and where to take profit but you are struggling with stop loss level. This indicator is going to take latest high and love at any time frame. And I am telling you indicator is pretty good in detecting right levels for last high low.
How Last High/Low for Stop/Loss Forex Indicator works?
Indicator is great for price action trading. After you open chart and apply indicator the result will be something like image above. Indicator is not static, it calculates stop levels all the time. What I like is different calculations for different time frames. When we are changing time frames on the chart we are basically get different situation for trading opportunities. This indicator will adapt on new time frames in very precise way, in my opinion. Check live examples below.
In the featured image above we have GBP/USD currency pair on the H1 time frame. Now check the indicator at the same time on different time frames. In the examples above we have GBP/USD on M30 and the Daily chart. You need to agree that the indicator do a great job.
High/Low for Stop/Loss and Day Trading
So here is an example of my technical analysis in combination with this indicator. In this technical analysis, I use an in-house coded Previous Day HL indicator, draw one trend line and get plenty of information. My technical analysis tells me that we have a bullish signal. So around the trend line (which matches with the red high) I bought and take profit bellow the blue line (Previous Day HL indicator).
In a time when I writing this article, I open one trade, more details are below. Profit was 30+ pips, you have details at the bottom of the image. This was a kind of price action trading,