DislikedRemember my intent with this entry is to catch the beginning of one of the magnificant trends that happen maybe 2-3 times per year, yielding 100s of pips.
When a trade hits +120 pips, you should have 2 or more other branches going in that pair following along with it, so taking half of the 120 at that time sounds reasonable, though 120 is an arbitrary number...could just as easily be 200. Ideally, the next branch will get to that level and you do the same, etc, thus at least tripling the pips from what would have usually been a single run.Ignored
Here's my theory on the 120 number. If you take 1/2 off at 120, and then the 2nd 1/2 retraces and hit's your SL (which is now at BE since you moved it when the trade got to +60), your profits would be equal to what you had originally risked..
What do you think about my other parameters?
- Moving SL to BE @ +60
- Taking whole trade off when W1 RSI turns back to 3pm angle.
Enter Signature