DislikedUsually how do you decide when to take the profit?? Do you wait for the RSI to reach 50 level in H4?? or you set a target like 50 or 100 pips??
I have tried to set in term of pips like 100 pips but it is very difficult to hit and usually it will turn into loss if the position is not closed!Ignored
Sorry I coudn't respond until now. I have been very busy with other things. Now to your question. Firstly, remember you use H4 together with M15. H4 for direction and M15 for entry and exit. The three methods for taking profit are as follows:
a) The safest method is to monitor RSI 50 level on M15 chart. You can realise your profit through taking or locking your profit by either using trailing stop, shifting your stop loss to cover the profit already made or closing your trade. Your profit might be lower here, but you can realise your profit more quickly.
b) The better method is to wait for M15 to reach 30 if you sell at around 70 or 70 if you buy at 30.
c) The best method is to wait for H4 to either reach the 50 mark or 30/70 depending whether you buy or sell. To follow this option, you might need a little patience.
The first and second methods are recommended for a trader is just learning this method. The last method is for those who are a familiar with the trading method or where the daily and H4 charts gave the same signal.
I hope it is clearer now.