Winston, thanks for posting your trading methods. Testing out your strategy for only a few weeks now shows me that it is worthwhile and can be profitable.
I'm still exploring a few options on how to manage open positions. I have been opening multiple positions at the entry and taking profit on some at the fib 50 to 61.8 retracement of the last swing, then moving the stop to BE and letting a smaller portion run and trailing the stop.
The trailing stop I'm generally using is to stay behind the most recent LBC in the direction of the trade. This seems to work OK.
Using the posted chart as an example long entry on the bullish engulfing shown by the check mark, would you take partial profit at the fib levels and let the rest run, or would you hold until the Daily BeLBC shown just above it to take some off? In other words, which area, if any seems to hold the highest probability of being reached as an initial profit target?
Also, do you use candlestick formations to indicate where to close the last part of the position?
I'm still exploring a few options on how to manage open positions. I have been opening multiple positions at the entry and taking profit on some at the fib 50 to 61.8 retracement of the last swing, then moving the stop to BE and letting a smaller portion run and trailing the stop.
The trailing stop I'm generally using is to stay behind the most recent LBC in the direction of the trade. This seems to work OK.
Using the posted chart as an example long entry on the bullish engulfing shown by the check mark, would you take partial profit at the fib levels and let the rest run, or would you hold until the Daily BeLBC shown just above it to take some off? In other words, which area, if any seems to hold the highest probability of being reached as an initial profit target?
Also, do you use candlestick formations to indicate where to close the last part of the position?
