DislikedHello Graeme,
2. MOVING SL TO BE: I am wondering if we could touch the topic of moving SL to Breakeven as I feel this becomes more crucial when we have a leg open and start sending out probes at times of uncertainty by taking unidirectional or bidirectional trades to assess whether to diversify or continue with the trend. During my practice, if I randomly move SL to BE as a constant 10+ or 15+ pips into profit, I feel my BEs are easily taken off. Alternatively, when I wait for confirmation and then move SL to BE (i.e. Engulf bar in the...Ignored
We have discussed 5min trading to great lengths in this thread. And yes, a trader will be taken out continuously on the 5min timeframe. However, if you pinpoint the timing of the trade you will find that 5min timeframe provides the best risk reward possible. Pinpointing timeframes is when everything is aligned correctly to your hindsight with an imminent breakout about to happen. A red aura in my vision.
If a trader prefers to enter and keep a fixed stop loss or no stop loss at all please go ahead. However keep an eye on news releases.
This might cause controversy but I have mentioned few times before that I dont even use stop loss most times as I know a sudden price fluctuation of anything greater than 20 pip is not going to happen unless a big news is being broadcasted.
Sometimes one attempt with larger stop loss is better. A trader who tends to jump in and out on 5min chart cause more damage by doing so. I lose once and I stop stacking. Maybe twice but very rarely 3rd attempt.
Continuing on..