Generally used SL

Hello, i trade PA, i have a pretty good system based on S/R. But i have problem with MM Question is:

I use 5min TF:
How big SL are on different TF usually used? Some generally or widely used rules?
something like this: if you use 1min TF, the most used is 5pips SL, if you use 5min TF the most used is...etc.

Also you can write something about TP

hope you will understand me

Thank in advance ;-)

From my limited experience (quite limited), people tend to set their SL and TP based on pips.

However, from reading up on money management, and from my personal opinion, you should never risk more than 1-2% of your capital. Therefore I would base my SL off of whatever % you wish to risk, based on how much capital you have in your broker.

I would also like people to comment on this strategy please... Why do others base it off pips? If I'm risking 20K, a few pips could mean a lot.

Why not put it above or below the previous level of S or R?

QFT. Your stoploss should be at a point you want to get out of the market, so where your current idea is proven invalid. There is no point having a 5 point stoploss, you being stopped out, and then wanting to enter again because you still hold your view on the market.

Some people use a multiple of the ATR or "Average true range", usually not more than 2 or three times the ATR. A bit of back testing should give you the answer.

Everyone has different views on where to put their stop-loss, I feel that it should be at a point where the reasons that you took the trade in the first place, have all been broken.
Or you could think of it as where you could actually take the reverse trade on, so if you bought at a support line, eg 135.00, but the price then broke through that support rather than bounce off, you might say that it's going to breakout downwards so you'd want to get out of the trade asap.

The point at which you take profits is well debated too, some people say once their R:R has been attained, some may take note of S/R lines so if they're short and price is reaching a support line, take profits there.

I think the best way to find out the best SL/TP levels are by yourself, as only you know why you took the trade in the first place