[quote=steelhead;2350418]
I am looking at 4 charts at the same time....however i read price action on the 5m and looking and waiting for price to test the levels you are speaking
of. If i am expecting a bounce then a tight stop is called for because if it breaks that level i am going to stop and reverse and enter on the next pull back with out much of a loss instead of sitting there watching price go against me and make a new low or high. If price breaks s/r and i am expecting a bounce then i have made a bad call and i can recover a small loss
Dislikedmicho, my point is....if you make a good call at a level where price will bounce or break and continue then you can set your stop at BE quickly and not risk a loss. If price comes back and stops you out thats ok, you have not lost money!
My focus is Risk Management. The other morning i made 3 long trades and was stopped out all 3 times but with a total loss of only 8 pips. This told me that my direction may be wrong and i reversed my bias, sold on a rally and picked up 250 pips on the first trade with only a small drawdown....Ignored
of. If i am expecting a bounce then a tight stop is called for because if it breaks that level i am going to stop and reverse and enter on the next pull back with out much of a loss instead of sitting there watching price go against me and make a new low or high. If price breaks s/r and i am expecting a bounce then i have made a bad call and i can recover a small loss
