Hi traders,
I'm using a strategy based on a simply price action .
I buy and sell when price touch the major support and resistance.
Until now i'm using a R:R 1:3 , i place my order to a important min or max placing my stop loss at 5 point and my profit at 15.
I'm using a 1-5 min chart to trade but a get the point of support and resistance from higher timeframe from 1h -4h-1day.
The problem with support and resistance is that it's very hard to understand what is the exactly point where price reverse, so maybe it's better to refer at a price zone...but with a price zone it's no possible to use a stop loss so small.
So, how can i manage better my trades? can somebody help me?
In this period i'm trying opening more position near a support or resistence creating a price zone, in this way i'm sure to take a bounce, by the way my stop will be greater as my profit.
What do you think about it?
I'm using a strategy based on a simply price action .
I buy and sell when price touch the major support and resistance.
Until now i'm using a R:R 1:3 , i place my order to a important min or max placing my stop loss at 5 point and my profit at 15.
I'm using a 1-5 min chart to trade but a get the point of support and resistance from higher timeframe from 1h -4h-1day.
The problem with support and resistance is that it's very hard to understand what is the exactly point where price reverse, so maybe it's better to refer at a price zone...but with a price zone it's no possible to use a stop loss so small.
So, how can i manage better my trades? can somebody help me?
In this period i'm trying opening more position near a support or resistence creating a price zone, in this way i'm sure to take a bounce, by the way my stop will be greater as my profit.
What do you think about it?