Advice on timeframe entries
So, I have a set up on the 30 min chart below:
I have placed where the initial 30 min pending line would be...
then dropped down to the 5 min
The entry moves slightly which is where I have placed my 'actual' entries.
So, in this example, I have lowered my drawdown (no fixed percentage stuff, which I have never really subscribed too...), but a couple of questions arise.
1) Do we need to amend the TP here? Do we follow the 5 min, or the 30 min charts? I have kept them at the 30 min, as fundamentally the set up I have 'entered on' is the 30 min, and to my mind the 5 min entry has happened...
2) Do we want to amend the SL here? I suppose technically we are still going from the 30 min, but in terms of the 'giving the trade room to breathe', bearing in mind we have a little bit of confluence between the two, are we better to use the 5 min SL? I am happy with the 30 min stop loss.
Just as an aside... I have 3 obvious (to me) TP levels, my trade management is such that once it hits TP, 2 go to break even, one is closed, and we are free wheeling it here. second TP gets hit, we have one position left with a guaranteed profit at the TP1 level...
So, I have a set up on the 30 min chart below:
I have placed where the initial 30 min pending line would be...
then dropped down to the 5 min
The entry moves slightly which is where I have placed my 'actual' entries.
So, in this example, I have lowered my drawdown (no fixed percentage stuff, which I have never really subscribed too...), but a couple of questions arise.
1) Do we need to amend the TP here? Do we follow the 5 min, or the 30 min charts? I have kept them at the 30 min, as fundamentally the set up I have 'entered on' is the 30 min, and to my mind the 5 min entry has happened...
2) Do we want to amend the SL here? I suppose technically we are still going from the 30 min, but in terms of the 'giving the trade room to breathe', bearing in mind we have a little bit of confluence between the two, are we better to use the 5 min SL? I am happy with the 30 min stop loss.
Just as an aside... I have 3 obvious (to me) TP levels, my trade management is such that once it hits TP, 2 go to break even, one is closed, and we are free wheeling it here. second TP gets hit, we have one position left with a guaranteed profit at the TP1 level...
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