Disliked{quote} Hi Pharley, I tried to test the EurAud and it was actually difficult to place the stop loss or add trades in retrace even in backtest, if done live would probably have only taken one trade with take profit hit. I would love to know how to manage this as it is obviously a real skill, it is difficult for me even with back testing, just added two additional trades but results speak for themselves risked 5% for gain of 51.3%, more than 10 to 1 RR. Any pointers or experience appreciated. {image}Ignored
Please see attached 2 pics - the first one is a 4hr - going from bottom to top, my entries are at the yellow lines and there are 4 of them.
On the 1 hr chart you can see the red line at top where I exited the trade. A 1 hour candle closed down below a previous bull candle and I decided to stop them there. Originally I had a TP which was lower than that for all trades, but was able to watch the charts as price moved up quickly, so I removed the TP to let the trades run.
T1 was at 50% retrace
T2 was close of 4hr candle above yesterday high
T3 was taken on a retrace back to minor support
T4 taken as it broke above a recent minor swing high - see it on the 1hr chart.
Cheers