OK so here are my S&R levels I'm looking at and the reasons-didnt put the pip value-no space,you can check your own chart if you like.
I go for 10-20 pips each trade so I stay within 2 levels making the trades quicker and less risky and I get in slightly early rather than being exact to ensure entry
I am fully prepared and expect to average in to a trade.
I use no leverage on the first position,subsequent entries placed 20-30 pips apart incurs 1 more level of leverage.Because I dont use high leverage I dont get too nervous and applying this intraday will think about stopping myself out at 1% drawdown or make a decision to turn the trade into a short term position trade using more leverage and aiming for breakeven,but sometimes even aiming for breakeven is greedy,lol and you have to take a hit.
All this works ok but I need to sort out the danger of large drawdowns which has happened to me a couple of times,but generally I think discrection in trade entry,being patient,etc is the key to avoiding this.
Works best on volatile days like today where you can be in and out very quickly.
Bad idea to hold position too far into 2nd day because you are subject to idiosyncracies of each country's trading session and you could end up needing triple the account size to get yourself out comfortably!
I go for 10-20 pips each trade so I stay within 2 levels making the trades quicker and less risky and I get in slightly early rather than being exact to ensure entry
I am fully prepared and expect to average in to a trade.
I use no leverage on the first position,subsequent entries placed 20-30 pips apart incurs 1 more level of leverage.Because I dont use high leverage I dont get too nervous and applying this intraday will think about stopping myself out at 1% drawdown or make a decision to turn the trade into a short term position trade using more leverage and aiming for breakeven,but sometimes even aiming for breakeven is greedy,lol and you have to take a hit.
All this works ok but I need to sort out the danger of large drawdowns which has happened to me a couple of times,but generally I think discrection in trade entry,being patient,etc is the key to avoiding this.
Works best on volatile days like today where you can be in and out very quickly.
Bad idea to hold position too far into 2nd day because you are subject to idiosyncracies of each country's trading session and you could end up needing triple the account size to get yourself out comfortably!
Attached Image(s) (click to enlarge)
