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Emmanuel, sorry for being so tiresome with you and asking a lot, I hope you could help me with this.
As I told you before, I'm using your three pending order scripts on H4. I know that I have to take into account the volatility of each pair, but to simplify let's say I have 100 pips of SL, which in case things go wrong could mean a total loss of 300 pips, and although I reduce the lot size, the total loss is still huge.
Do you achieve your TP3 most times? I've noticed that your total loss could mean 150 pips, but your total win is 175 pips, so your R:R is greater than 1:1 which is good.
My TPs are 50, 100 and 150, if TP3 is hit mean a total of 300 pips, a R:R of exactly 1:1. That is, if TP3 is hit, which if not on strong trend, it won't be hit, but I'd need to still have the same SL, so the R:R would not be good (less than 1:1). For having a R:R greater than 1:1, I 'd need to have my TP3 set to 200, which I think is too much for swings. My losses could be huge, and my profits will not run a lot.
My concern is those trades when the price goes against you on the following candles, because when my TP1 is hit, I make BE, so no worries.
Furthermore, I'm not entirely convinced of a bad trade wiping out more than one trade.
How do you know you are in a bad trade? Do you allow the trade go 50(x3) pips against you? On H4, I've seen trades making a wick of 60 pips against me and then going in my direction, but other times my analysis is bad and I don't notice, so I wait thinking that it could be just a minor pullback and then I got stopped out.
What are your suggestions on this?
Thank you very much for all your help.
Had to be me. Someone else might have gotten it wrong.