Many people here seem to have very, very strong thoughts about various parts of trading. However, as I have simplified my trading entries to a rather straightforward process, I'd like to hear what others thought.
I use my indicators to pick direction (for this example, going long) and ensure that a lower TF has already triggered, the current one is on the cusp or has and upper TF confirms. At that point, I will set a buy order above the current price at the next interval - xxx.30, xxx.62 or xxx.95 and also set another one above and let the market do it's thing.
When the market ranges, you may prefer to stay out, or use halved trade sizes and accept you'll need to take smaller profits. It's a bit trickier putting them on (and taking off), so I give myself a leeway of half the distance of any of those values (e.g., we are trading roughly 30-31 so i will set one at .46) if the current price is too close or just above one of my intervals.
I use my indicators to pick direction (for this example, going long) and ensure that a lower TF has already triggered, the current one is on the cusp or has and upper TF confirms. At that point, I will set a buy order above the current price at the next interval - xxx.30, xxx.62 or xxx.95 and also set another one above and let the market do it's thing.
When the market ranges, you may prefer to stay out, or use halved trade sizes and accept you'll need to take smaller profits. It's a bit trickier putting them on (and taking off), so I give myself a leeway of half the distance of any of those values (e.g., we are trading roughly 30-31 so i will set one at .46) if the current price is too close or just above one of my intervals.