This is something I started last week. I follow the price as it bounce between Support and Resistance or from S to R or visa verse on Daily charts only. I would enter as soon as I see PA moves towards the next S or R instead of waiting for price to reach S or R and then enter on a bounce or break. I hope this makes sense... I'll post charts to try and explain as I go along. The chart below is a trade I took Friday on AUDUSD.
MM and R/R is still a work in progress. I currently do not use a SL as I trade a very small account. I recommend risking no more than 5% per trade and R/R 1:2, but still much room for development.
MM and R/R is still a work in progress. I currently do not use a SL as I trade a very small account. I recommend risking no more than 5% per trade and R/R 1:2, but still much room for development.
Attached Image
