Quoting OrangeRoshanDislikedYes it is correct. Because its pipastic.
This may suprise you, increase the SL when you think it will hit earlier.
Tis method is extremelly predictable. I know the ratio thingy. But, that doesnt apply here. It is simply, trading psychology states when S&R are broken, chances of prices to ride along is very high. BUT, there are exception.
Therefore, I think for newbies and big lots traders, it is best to target small pips and increased the chances of winning to over 80%. Remember: The only reason why people lose money in Forex is due to negative pips, but when the pips remain positive, no matter how small, it is still a better chioce. In most methods, pips harvested are not quality pips, here it almost is (this in no way suggest this is a better method or comparing with other method, but its a fact).
Daily Charts? Of course. The margin to harvest 5pips is better than smaller time frames. You might asked why not weekly candles? Well, we dont want to overuse our margin and waited a week to get 5pips do we? Therefore, Daily candles are ideal.
All the above are just my thoughts and experience that help me to be profitable from day 1 (thanks to my prior experience).
I hope that helps. May the force be with youIgnored
howard
Regards