Hello and welcome to this new and hopefully helpful thread. I intend to post any opportunites that I come across. Feel free to pop in, say hello, give your opinion and share any ideas that you may have.
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DislikedFTSE 100 is boxed and trying to break to the downside. A break to the downside and a 123 move, finding resistance of the dark blue line 15 min 200/ 1hr 50 could be a player targeting the 5000 area.Ignored
DislikedHi Hemal,
I am interested to know how you decide on your profit targets for your trades.
As a reader of your previous thread which I assume has now been abandoned, I was able to see that some of your targets were at obvious levels of support or resistance or some other key level. However, some of your targets were not at obvious (at least not obvious to me) levels of s/r, moving averages or pivot points. Please could you give some details/advice on how and why you might decide on profit targets, which might not be obvious to someone relatively new to forex.
Also, regarding stop-losses, do you always enter a trade with a positive risk/reward ratio? I have noticed that many times when a good set-up occurs, placing a stop-loss at the previous high/low would have given me a negative r/r ratio for the intended target, but price more often than not still seems to reach its target anyways (without hitting the previous high/low)! I am tempted to start ignoring this idea/rule that a trade should not be entered unless there is a reasonable probability of achieving a positive r/r!
I have also read FXP’s thread over at TSD forum, so I have a reasonable understanding of your methodology.
I hope more people contribute to this thread than on your previous thread, as I believe this is a sound, logical methodology and I am sure many more novice traders (as well as the more experienced) could benefit from your experience in trading this way.
If I could offer what I hope would be taken as constructive criticism; maybe if you posted some regular advice on the nuances of trading this way (or even trading generally), it would help to spark a bit of debate or a question/answer session (if that’s what your intention is), that would be useful to many. Otherwise, I fear that this thread will just become a platform for posting your results, just like your previous thread!
I for one appreciate the time and effort you put into this thread and hope it continues.
GaryIgnored