Anyone wanting help with SL/TP and or Entry, i can only share how i trade. There are a few different styles on here but this is mine and works well for me.
I do not trade baskets. I watch 12 pairs and trade what opportunities i see. I sue the nonlagdot as my main signal but with one or two other basic things for filters. The reason is simple. With these simple tools my trades have become much more profitable.
First step: I look for strong support resistance levels and mark them on the chart.
Second Step: I add a 20 and 50 SMA.
Third Step: Actually first step, but i add the nonlagdot indicator.
I originally traded daily reversal points and was doing well but was getting a little bored with just one or two trades per day. And was a little frustrating when i saw a nice trend and was unable to get in due to my trading style. So i begun to trade with the nonlagdot and improved my trend trading. So now i trade on both trends and reversals.
As for trading, i look for one of two things. When i get a nonlagdot signal i look to see where the price is. If i dont like the level then i ignore and wait for the next signal. I trade on the 15min chart. Just because i have been using the 15min chart for a long time and i feel comfortable with it. But my way will work fine on 30 min chart as well. I also only choose pairs i have good spread with. Nothing worse then having an order hit by the spread....Very frustrating
I like to see either price following the daily trend and give me a nice pullback bellow or above the 20SMA with the 50 SMA above or below respectively.
The other is i look for reversals off major support resistance.
As for TP, I set at the net major support/resistance. But when price gets close i will move the TP to the next. If the price breaks through the support/resistance i move my SL to below/above the candle that broke out.
Anyway, this is how i trade with this signal. It may sound complicated but it is not. If you understand basic support/resistance and trend following then its very simple way to trade.
Green pips to you all
I do not trade baskets. I watch 12 pairs and trade what opportunities i see. I sue the nonlagdot as my main signal but with one or two other basic things for filters. The reason is simple. With these simple tools my trades have become much more profitable.
First step: I look for strong support resistance levels and mark them on the chart.
Second Step: I add a 20 and 50 SMA.
Third Step: Actually first step, but i add the nonlagdot indicator.
I originally traded daily reversal points and was doing well but was getting a little bored with just one or two trades per day. And was a little frustrating when i saw a nice trend and was unable to get in due to my trading style. So i begun to trade with the nonlagdot and improved my trend trading. So now i trade on both trends and reversals.
As for trading, i look for one of two things. When i get a nonlagdot signal i look to see where the price is. If i dont like the level then i ignore and wait for the next signal. I trade on the 15min chart. Just because i have been using the 15min chart for a long time and i feel comfortable with it. But my way will work fine on 30 min chart as well. I also only choose pairs i have good spread with. Nothing worse then having an order hit by the spread....Very frustrating
I like to see either price following the daily trend and give me a nice pullback bellow or above the 20SMA with the 50 SMA above or below respectively.
The other is i look for reversals off major support resistance.
As for TP, I set at the net major support/resistance. But when price gets close i will move the TP to the next. If the price breaks through the support/resistance i move my SL to below/above the candle that broke out.
Anyway, this is how i trade with this signal. It may sound complicated but it is not. If you understand basic support/resistance and trend following then its very simple way to trade.
Green pips to you all