Disliked{quote} this needs to be clarified a bit more. what do you mean by a distance to the round number ? if both your daily and hourly candles are in agreement, i cannot see why a pending order at 171.900 cannot be set. its still at 00 level. i think, whether a trade is successful or not also depends on the broker and charts you are using. and also the spread. because each brokers daily candle starts at different times. e.g. my alpari uk daily candle opens at 10pm london time. on the dates i stated two posts back, plenty of losses if daily candle open...Ignored
this needs to be clarified a bit more. what do you mean by a distance to the round number ? if both your daily and hourly candles are in agreement, i cannot see why a pending order at 171.900 cannot be set. its still at 00 level.
I have noticed that several times the 000 level acts as R/S, price moves slightly in the right direction and then returns... so I added as one of my rules, no entry on the .900 for long or .100 for short
i think, whether a trade is successful or not also depends on the broker and charts you are using. and also the spread. because each brokers daily candle starts at different times. e.g. my alpari uk daily candle opens at 10pm london time. on the dates i stated two posts back, plenty of losses if daily candle open taken from 10pm u.k. time. also, the EJ loss of 10 pips earlier, it did go in by 5 pips but after taking into account the spread of 1.5 pips the TP would not have been hit.
That is why the wheelbarrel EA (trailstop) must be active
so iam surprised brapp was able to take 5 pips profit. only way he could have done that is enter early and have a spread of less than 1 pips. 2:1 risk reward is not a good way to trade. if you had taken all the trades on EJ or GJ so far today, you will see the 10 pips losses will far outweigh the gains you made. so if you miss the first oppurtunities to take profit and continue trading , it is highly likely your 10 pip losses will pile up. in that sense it is very risky, and depends on luck of the draw as to picking the right trades for profit. just stating my opinion.
Respecting you for that Whatfx
Cheers
Udine
Sleep less, live fast, as it aint gonna last