poltergeist wrote:What SL is the best in these TFs?
Just because you trade based on a high time frame chart that does not mean that you are entering via a large time frame chart (I often do but that is beside the point).
My default answer is DO NOT lose more than 20 pips on a SINGLE TRADE or you will have to CLAW your way back to BREAK EVEN.
This is how I do it:
The most that I can lose in a single week is 3.2% or 40 pips.
When my account is up 20 pips for the week then I convert to using my profit as the most that I can lose in a week.
I continue by trading as normal and lets say that I catch a 70 pip run and have 90 pips.
At this point I have more options:
1. I can start holding longer.
2. I can enter off of the daily low extreme and then take a daily high extreme breakout for a large account boost.
3. I can hedge and buy back lower with a less precise entry
If I suffer a 20 pips loss then I deduct that from my 90 pip profit and am left with 70 pips of maneuverability.
When my money is at risk I will not let a penny fall out of my hand.
When my opponents money is at risk then I am ALL IN!
I consider his money my own only after I have accomplished what I set out to do (stack him )