Managing targets and stop loss

shucksan

Newbie
4 0
Hi,

I was wondering about OCO orders or more exactly the lack of. My broker does not offer these types of orders so I basically need to choose between a stop loss or a profit target. I am struggling with this as if I put in a profit target then I leave myself open for fast moves to the down side but if I put in a stop loss then I miss the quick moves up to the target where the target is the high point. Can anyone give me suggestions on how they deal with this scenario?
My main time frame is daily bars with the occasional peek during the daytime (day job :))

Thanks,
Rob
 
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