DislikedI'd be really interested to learn your approach to setting the TP. Do you have a rule set you follow or is it based on your experience of the market?
Thanks,
D.Ignored
Hi David,
There isn't one answer to your question. Following this system it is simple 20/20 rule, but as Feb was pointing on few occasions it can't be rigid.
You have to read the current price action and act accordingly.
So, if the recent swings of e/u are about 30 pips, it makes sense to stay with 20 pips target and don't worry to much about leaving some pips on a table,
but from time to time the swings are longer or more powerful and than you need to adjust your take profit as well as stop loss.
Remember, there is no guarantee the price is going to hit your T/P , it may easily do u-tern just one pip before your target,
when scalping unfortunately you have to babysitting the trade and make decision quickly and without hesitation.
Most of those decisions are not exactly correct, when you look back, but it can't be reversed, … we all going through the same … the best is to move on to next trade.