You should follow the standard calculation as per ace's original rules - I also always look at daily level for S/R - I believe in one of his posts ace mentioned he does too.
This site is very good for calculationg your major areas of s/r - just enter the high and low of the previous day. Hope it helps
http://pivotpointcalculator.com/Default.aspx
The trade shouldn't have made such a huge impact. Actually that trade wasn't even valid. Unfortunately you were unlucky a caught the trade by 1 pip. After 150 pages, and a few months of trading you should know that you should risk only 2%-3% on each trade.
So that trade shouldn't have lost you much. I see no reason for you to have "lost your heart" over this. On a brighter note, you've learned a lesson.
[b]
Guys the 20 pip buffer is there for a reason even though sometimes they may seem pointless. I didn't just pull it out of thin air. There...
Who knows, it might be another losing trade.
There you go ...thats basically what Ace said ...so now you have two people who have backetested and found x3 to be probably the best weekly target
and Im very tempted to let this week run
problem is most wont bother backtesting ( and they should ..in my opinion)....and i do understand it... for one someone else will always do it for you ( tho maybe not to your standards) and there is always a feeling that earlier years are jusrt not relevent condition wise to now
I have data from 2001 ... but am not confident that market conditions are that...
