Dislikedif you're trading the 15mins chart,what time frame(s) do you need to be green before you buy buy buy!!!
Thanks
KasaprekoIgnored
I don't really have a defined amount, just use your eyes and instinct. You will be able to tell how strong the trend is. Obviously the MORE green the better for buying and the MORE red the better for selling.
Also, using this system, I find a 50pip S/L a bit high for Risk:Reward especially when your trying to figure out money management based on the distance of a S/L e.g. (Capital x Risk / 100) / S/L in points or (10000 x 2 / 100) / 500 = 0.4 lot sizes. Therefore, using a tighter stop loss on more defined entries can result in using HIGHER lot sizes for the SAME RISK and potentially HIGHER return.
The S/L used is definitely up to the trader trading at the time, but looking back at my trades from the last two days, only 1 has hit the 50pip S/L. This is while I was at work, most of the others I have bailed within 18pips because I've entered in a bad position or gone against the trend and hadn't realized. For now I will be testing 40pips and 30pip S/L to see how they go.