DislikedHello all. I have been reading this thread now for a week but this is my first post. I have spent countless hours going through every lesson and most of the posts. In all, I estimate that I got through everything in about 60 hours in case anyone reads this and wonders how long it takes to cover all this information.
I want to say thanks to Phillip for taking on this en devour of sharing his method with the rest of us. Then spending all the countless hours with all the follow up is really amazing.
While there are many things that I don't fully understand and need to spend countless hours myself studying and back testing, the #1 question that I still have after reading through all of this is how do I handle Risk/Reward calculations when trading with the trend when you are at a new high and there aren't any walls around to bounce off of? Basically the market that we are in now with the EUR. When one enters off of a 21 EMA for example, where should one's target even be?
Thanks to everyone who contributes here and I hope to as well in the short future as I get to spend more time now testing now that I have read through everything and all the examples.Ignored
When the market is running at new highs, where do you take a profit? There are a few things you can do for a target. You could use a simple 20/25 target, half way to the previous high, 1/3 to the high 2/3 to the high...and/or at the previous high. Also, if there is longer term trendline that is near that can be used also. Fib #'s, pivots...there are a lot of choice when we are in this area and it all really comes down to your own discretion....