DislikedHere some input from my site: I marked some levels (L1-L6) which maybe influenced the price. (Sure there maybe more such levels) Price has fallen from Point A to B. I would have sold a little bit above number1 but as I´m not a risky trader I would have closed the trade somwhere above L3. Same in point 2: About this point I would have sold again. (But surely closed at about L2 (never dared to keep the trade open until L1) Also in point 3 and 4 then price faced a sharp rising I would have bought but closed each time with small provit as I would not...Ignored
Hi Viator,
I just wanted to pick up on the point you made about identifying good Buy or Sell Levels and then not allowing the Trade to go to the Optimum Exit Point.
It's a matter of identifying the Average Swing Length of the Pair you Trade on the Time Frame you use.
Once you have then identified a good Entry Level is there enough room, in the Swing you are Trading, to make at least 1:1 Risk Reward.
Personally I only Trade GBP/USD on M1 because it is the Pair I understand best.
I know the Average Swing Length is 30 to 40 Pips, on M15, so I look to Enter a Trade as close as possible to a Swing Point on M1.
I then know, with the Size Stop I use, I can usually make 1:2 Risk:Reward.
Another point I wanted to make is how important it is to be a "Independent Thinker".
In my case, it was only when I STOPPED looking for a System someone else had devised and taking my own approach that my Trading took a leap forward.
7