Hi,
Is it useful to compare the range of the first 4hr candle with the Average Weekly Range (say of the last 5 weeks). If the candle is larger than a fixed portion of the AWR (say 30%) then we don't trade in this week? Would this avoid some unnecessary risky trade (bcoz if the 1st candle is too long, it's hard to get to 2x TP would it?)
Is it useful to compare the range of the first 4hr candle with the Average Weekly Range (say of the last 5 weeks). If the candle is larger than a fixed portion of the AWR (say 30%) then we don't trade in this week? Would this avoid some unnecessary risky trade (bcoz if the 1st candle is too long, it's hard to get to 2x TP would it?)