Disliked{quote} Thank You Masterrmind for that lession ! i read this like 3 times hehe..I am very grateful!!. I now know how Q works and it how new boxes are created to set HH and LL. Thank You. But still dont know how to set my SL after that... in my understanding i make a SL size from HH to LL or HH&LL IS our SL ? i also NOT making LOT progression because of small account ... i rather prefer to make less trades... is that good or progression is necessary ? REgards Overpower!Ignored
So initially and based on your account size you may need to apply the same lot size over all your entries until your account is sufficiently large enough to handle say a progression such as 0.01, 0.02, 0.03 etc for a given number of entries and depending on the trading window you decide to use (I'd suggest a very quiet, low range trading window but that's up to you).
When I apply my SL it is based on the following:
1. entry price
2. average trading window range; and
3. maximum trading window range
For example, if the average range of my preferred trading window was 50 pips and the maximum range was 100 pips then I measure above and below the entry price both 50 pips UP and DOWN and also 100 pips UP and DOWN and draw 2 sets of horizontal lines (using different colors or labeling the average and the maximum but usually the difference between AV and MAX on the M1 chart is very obvious (as you will see in time when you draw a few).
This has now created the 'raw' SL levels.
Now what I do is look for 000/50 levels (such as 1.51000/1.51500 etc), support and resistance levels, key levels and depending on your trading window start times the Daily Open line/price and make adjustments to the SL lines I drew on the chart.
This means that I may move the SL line 10-20 pips further away from entry price if I wish to place the stop on the far side of a S+R level.
After you go through this process a few times you will be a pro at it and it doesn't take long to perform at all.
You can make the SL of future trade entries the same as the 1st entry if you wish or simply apply the same criteria as for the 1st trade entry (entirely up to you)
After much experience you will get develop an expectation of where price is likely to go for a given pair you trade.
For some of the turtle pairs such as EURCHF and EURGBP I simply use a mental stop/hidden SL by script provided I am monitoring and keeping a close watch on all my trades. If I need to leave the office for up to an hour then I will make sure a hidden SL script is applied to protect my trades.
If I know I will be away from the office longer than a few hours then I will either close out trades in profit, apply a hard SL (broker registered) or have someone watch over the trades whilst I'm out.
Remember to take trading very seriously and protect your trades at all times..............
ps. if you had time over the weekend you should have already collected multiple data range points of your preferred trading window of all the pairs you are going to trade!
Masterrmind........... :nerd:
Master your Mind then Master your Trades