Disliked{quote} Pretty much agree with you, just a few thoughts: (In my humble opinion) I don't use Risk:Reward and TP. My system gives sell signal when price is extended to the upside and gives buy signal when price is extended to the downside. Therefore the Risk:Reward is always good. I always follow every time frame (TF) and note which TF has what kind of signal (buy or sell). Every TF has different 'power': - Monthly is the strongest, it contains average 4 weekly, ~20 daily, ....candle. - Weekly is the second, it contains 5 daily, 30 H4,.....candle...Ignored
Nice post, Just a bit opinion from me. If you wait for every time frame to get on 1 side (buy or sell), it means trader looses already 'big' part of trend (he jumps in trend too late on higher time frame), what i am trying to do is I use mid time frame. for ex. 1 hour or 4 hour for entry areas, if 1 hour if down I am looking for shorts (even if weekly/monthly r up), for entries I use 5min charts (when i loose, i give very small amount of pips). And for exits I use bigger time frames daily/weekly/monthly. I jump in longs/shorts according to 1 hourly/4h charts and put SL at breakeven. After some time, when for ex. weekly trend will stabilize I will already have positions.
For example now. EURUSD shows last 2 weeks up, but we can't know when retrace will end/or even is it retrace? or new trend. But at the moment i have 2 shorts on this week candle wick. Maybe those 2 positions will be something big (if it is only retrace) or maybe they will die on breakeven. I can't know, I just follow.
Hope it makes sense,
Thank you for answer, I appreciate that.
regards,
Edit: My job as trader is to manage risk, i choose only setups where SL very close and there is bigger chance to put SL @ BE. That's it. And i let market to reward me or not.