DislikedThank you Custos!
That answered most of my question. It looks like I marked that same point on my chart as your earlier entry point. I understand what you are saying about the multiple retest of the fib line.
I think you may have answered the rest in your response to MktScape. It looks like you set a limit entry at your anticipated level and remove it if PA doesn't move like you are expecting it to? And you use more than one lot, closing out part of your trade to offset the SL risk so you have a BE trade very quickly?
pipnutIgnored
Yes, if PA doesn't do what I want, I just don't participate.
If I am away from my computer, I will close out part of the trade to be at B/E.
But closing out part of the trade, or moving stop to b/e or both when I am in front of the computer is still "in development". There are so many factors to include, and I am right now not sure if closing out is better than not closing out part of the trade and just moving stop to b/e.
But right now I have mixed feelings about closing out part of the trade. Not sure what is more profitable, to have less losers and steady money but not hitting home-runs with full position, or to hit the home-runs with full position and have less steady money.
I was thinking of maybe rating trades and putting them in different categories to decide on which I take partials and on which I stay in with full position. But honestly, I have so many trades a day, I am way too lazy to rate each one, so I rather want a "global" solution" for all my trades.
So still need to get "screentime" to get that part of my strategy down.