Picking Levels - Please help!

I'm posting this question in the rookie section of this forum because I'm guessing its one of those noob mistakes.

I've been trading for a little over a year and I've developed my system to a point where I can "predict" the market accurately enough to be profitable over the long term. However, if I think the market is going up, for example, I would buy at market with a 50pip SL with no TP. I've tried many alternatives, like setting a limit order at the nearest S/R level or putting a 100pip TP but I always seem to enter too early when i enter at market, the LE rarely gets hit or the stop gets hit often because I'm too early, or the TP is too close/far.

This problem becomes really frustrating because I'll watch huge winners become losses/BE or get stopped out and watch the market go exactly where I expected after it picks up my stop or I'll close a position early and watch the market go where I expected.

So my question to who ever can answer it is:
What would you advise as the best method to set entries, stops and TPs?
If you have any articles or posts or any info like that can you please post a link so I can read them?

Other info:
I trade PA, S&R and ICH cloud so if you have links to articles about those systems I'd really appreciate it.

Thanks in advance.

Just some constructive food for thought:

You seem to have found the trade direction part of your "system".

Sounds like the next part of your "system" that needs some attention is your entry method/ signal/ timing.
I say this because if you have made the decision to enter at X.xxxx price then you will have entered whether by market order sitting in front of the computer or by pending order while you are away.
Either way you have entered at X.xxx price.

A good rule of thumb is that your entry setup determines your stop level.
If the entry setup breaks down then your trade is not going the way you wanted at this time so you minimize your loss and move on to the next trade.

The money management part of your "system" sets your risk tolerance.
The size of the stop will help in determining the size (risk) of the trade.

As far as taking profit to early, there is nothing wrong with that.
You can control that through your trade management. Take enough off the table to cover you trade and leave a small amount on as a runner.
You can then either leave your stop in place or trail it up.

No one can "predict" when and were the market will go.
But we can predict how much we will lose if we are wrong.!!!
The market will tell you how much you will make if you are right.

Good Luck and many pips to you

Words of wisdom are always welcome

However, from your post I'm not getting the "how/when" do i enter. Your words do give me a good foundation to go out and research so thank you very much.

Great! You caught on...
Since I do not know how you determine your direction or what type of trader you are (position, swing, intraday or scalper) I can not really make a suggestion as to specific entry or stop placement.

At one end (position trader) you may have a smaller lot size and a bigger stop.
At the other (scalper) A bigger lot size and a tighter stop.

It is important before spending anytime developing your system to determine what type of trader you are.
What fits your personality. Are you patient or not or in between.

But there are so many systems on this forum to choose from or blend into your own.

I think each trader should take ownership of their own, whether it started from another!
And be open minded to change as you grow as a trader.

Go to Babypips.com

They have a great section on developing your own trading system.

I've gone through baby pips already, maybe a missed a page.

As for how I trade, I like to trade with a naked chart with one or two indicators. For direction, I use the ICH cloud on a daily chart, specifically the trend line and the signal line. So my signals are based on which side price is of those two lines. One method I've been playing around with is placing a buy order at the nearest Support line, for example, but like I said this method is either too early or too far so I either lose or miss out on the move.

I do want to point out that I take the money management side of things very seriously so even though I lose I lose a small amount of my account so I'm resistant to drawdown. Either way, nobody likes loses.

I've been there. And from my point of view the solution is... only enter after pullback (that's what i've learned from Al Brooks)

The problem is, when price goes without pullback, then goes away your chance...

it's always a trade off. but it gives you better win ratio.

This used to drive me nuts as well, best thing to do is not move your stop at all, just have a stop loss and a target.

Making the move at the right time is easier said than done and yea, let's face it, every trader has faced the same issue when it comes to entry and exit levels. Join the club and once you get the hang of it, you should be able to trade more effectively!

If you are looking a specific level, ie... the cloud or kijun-sen remember to think of it as a zone. Yes I know you have probably heard that before!!!

I hope you are using a MTF approach.

As price enters the "zone", drop to a lower time frame.
That lower time frame will be trending counter-trend to your longer time frame.
Time you entry based on a reversal of this lower TF.
Say you are using the cloud for example:
If you are in a pullback on the 4 hour heading towards support at the cloud, drop to a 15 or 30 min. chart.
You should be under the 15 min. cloud.
Wait for a break above and then a retest to enter.

If you want to enter with a pending order try this:
As it breaks the 15 cloud and heads up say 20 pips you could put a buy-limit back at the cloud top.
When price does a retest it will trigger your order.
Put your stop below the cloud.

Just a thought.

I used to trade the Ichi in a similar way.

I suppose $0 is better than a loss

I never thought of trading the cloud that way. I'll look into that strategy, thanks for the help.

Tell me about it brother. Trading is counter intuitive (for me at least). Everything I think is right is wrong and if I try to the opposite that is wrong too.

All you can do is practice practice practice. In 3 years I'm finally picking better S/R levels to take entries which helps with tighter stops too. Now I'm working on exits and hoping it doesn't take me another 3 years to figure out.

Here's an idea. If you are using S/R for entries, then use S/R for exits...

If trading was easy we'd all be multi-millionaires. there is a reason why so few make it, trading is hard.