DislikedThanks for the prompt reply, i really apreciated it!
Can you, please, tell us how you set your targets?
ThanksIgnored
My favorite is the 1min chart. So the action is usually pretty quick. If I can take 5 pips I take it. After all it's the 1 min and in a few minutes there will be another set up. There could be a lot of trades in a session.
My goal is as little drawdown as possible. So I look to see where the last swing high is because that is where a stop would logically be. Either mentally placed or actually set. But if its the 1 min maybe there isn't enough time to set it with the broker. And maybe that is better if I don't since who knows what these brokers are doing. Maybe they will see the stop and jump to grab it.
Same with a target. Maybe not enough time to set it with the broker.
Of course it is dangerous since there may be some technical problem with the server or something and I may not be able to access the trade for exiting. So a good idea would be to set an emergency stop and target, maybe something 30 pips away, just in case of a power outage or server crash or something. So that would be the worst that could happen, and it is survivable.
A target consideration is how close the price action comes to support and resistance. Mostly I am looking at the 200 ema, and the wood pivots, s/r. They can be targets.
Evidently there are book orders placed at these places because price action always increases in these areas. So they can be targets... especially for trading higher time frames.
But the 1min means 5 pips and I'm happy. 10 pips and I am very very happy. Wait a couple of minutes and look for the next set up.
Time spent in watching the chart makes a huge difference. I have used a million templates. But I always come back to this one. It just makes the most sense to me. The more I use it the more sense it makes.
