With a Target of only 25 pips is it really worth the effort to add a trailing stop? I do add a 10 pip trailing stop only after it has hit 50 pips (this way I know I would have locked at least 2%).
I do add the following to the strategy:
- Move the entry on the close of each 5-minute candle until it triggers. (more management, but ensures you enter at the lowest point possible to give your trade enough room to breathe).
- Use the 30M chart to confirm synchronicity across the pairs.
- Set a soft target at 40 pips (2:1) and if prices continue to move in the direction move your stop once it hits 50 pips with 10 pip trailing stop.
- Swap out pairs if required to get sync as the strategy is very flexible.
- Happy to trade 2 or 3 if they are in sync. You don't need all 4.
- Draw key support/resistance on the charts and don't trade directly into them.
Thanks to @tellboy for the strategy. It has really added another dimension to my trading.
I do add the following to the strategy:
- Move the entry on the close of each 5-minute candle until it triggers. (more management, but ensures you enter at the lowest point possible to give your trade enough room to breathe).
- Use the 30M chart to confirm synchronicity across the pairs.
- Set a soft target at 40 pips (2:1) and if prices continue to move in the direction move your stop once it hits 50 pips with 10 pip trailing stop.
- Swap out pairs if required to get sync as the strategy is very flexible.
- Happy to trade 2 or 3 if they are in sync. You don't need all 4.
- Draw key support/resistance on the charts and don't trade directly into them.
Thanks to @tellboy for the strategy. It has really added another dimension to my trading.
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