I just enter mainly on retracements, confirmed breaks of highs, perhaps mid-range pin bars. Stops are moved up all the time where there is a logical point, ie, when I enter a new trade, I move all previous trades to the same area as the new trade SL.
It's very easy really. Well not easy, but just common sense.
Sometimes it doesn't work - hence I only take T1 with half of normal risk.
The support level comes from weekly or daily chart on 16/1/15, 26/1/15 and 3/2/15.
I fact I traded off the 26/1/15 and lost, but as it was the first trade I only risked half my usual amount. Traded again from 3/2/15 and away it went.
So when price came back to this area on 14/4/15, and a great pin bar showed up, I didn't have to think about it long!
All trades have target at 90% of the previous move and all hit their target except 2 (one genuine loss and 1 where I stuffed up!).
I entered 13 times for this run up to target area. When it gets close and I can't get a decent reward to risk, I stop entering.
It's very easy really. Well not easy, but just common sense.
Sometimes it doesn't work - hence I only take T1 with half of normal risk.
The support level comes from weekly or daily chart on 16/1/15, 26/1/15 and 3/2/15.
I fact I traded off the 26/1/15 and lost, but as it was the first trade I only risked half my usual amount. Traded again from 3/2/15 and away it went.
So when price came back to this area on 14/4/15, and a great pin bar showed up, I didn't have to think about it long!
All trades have target at 90% of the previous move and all hit their target except 2 (one genuine loss and 1 where I stuffed up!).
I entered 13 times for this run up to target area. When it gets close and I can't get a decent reward to risk, I stop entering.