DislikedPistolDave,
For me PT is 20-30, but I am always gunning for more & will take 10 instead of a loss. Cutting losers short & trailing the winners to protect the gains.
Trailing stops are used to lock in those gains.
My sl will be 10 if tp @ 20. TP @ 30 sl @ 15. Sl will always be 1/2 of gains sought.
Estimating how far out to set profit targets......good question & I would like to get FEB'S view on that one, but I always observe how strong the move is when I enter & set targets accordingly. Strong move target 30 pips...Weak move 20 pips target....Ignored
I did not get your pm.
This system may seem very simple to most of you, and it really is, but don't forget I'm a recovering indicator-aholic. And I'm going through withdrawls.
Someday I will get the hang of this, I'm sure.
I would appreciate it if everyone would post some charts showing their good/bad trades to see the setups. I'm going to start doing that for your critique, if you don't mind. Anyone's comments would be helpful.
What do you think of the GBP/USD as a long if it breaks through resistance at 1.4618 ?
Also notice that I entered at a break of 1.4610 but that probably was not correct and would have already been stopped out if I had put the SL just below the pullback at 1.4597.