seacap wrote:MightyOne wrote: The extreme at which your stop is placed is the period that you are trading.
You don't need pips more than you need a good position and larger lot size; position is your measure of safety and size is what makes money.
When you trade short term charts, you should trade about 50% larger and aim to take profits quickly.
When you have good position then you should focus on accumulation where your position naturally trails the extremes as you add to your lot size.
Don't worry about risk reward ratios as maxing out your lot size takes care of that automatically.
Ok, the question is: how to choose a good(right) position?
3-day extremes are pretty safe places for your stop loss.
Use a 30-60 minute chart to guide you until the large chart conforms & then trade the large chart.
Use the smallest chart that is not moving sideways to time your trades.