MightyOne wrote:tfg wrote:MO, trading gbpusd on H1 and H4, what would be your SL levels?
Reading from what you said, 30 pips and 50 pips respectively sound reasonable?
...given TRO trades 5m with a 10 pips SL (already included spreads)MightyOne wrote:nkhawaja wrote:I am on M1 or M5, mostly M5 and trying to be within 20pips. I see the difference between your method and TRO is the stop loss.
so the screen shot is of H4 time zone, is it mostly what you trade on. +5/7 pips on H4 isnt it very low?
When trading the Rat on a large TF I use 1/10 leverage.
5 pips = 50 pips.
You get the same result with less risk but you have to wait out a larger move.
I call it long term scalping
You can easily make money using what TRO showed you as well.
Just please look at the surrounding PA.
If price is skyrocketing upwards on a >60* angle then you are a dumb ass if you take a short trade.
Try and mix it with logic...
If you are trading the short term charts then pick one direction.
If you are frequently getting stopped out then that should encourage you to use limit orders.
If you are trading the Macro Rat then your SL is the midpoint between the highest high and entry point.
Your leverage is reduced to 1/10 to "scalp" the long term charts.
A 34 pip SL then becomes the equivalent of a 3.4 pip SL
At last! a way to trade EURNZD
Extremes the trades are taken from are are weekly.
1 'bad' entry out of three and a way to take advantage of ENs massive daily move without worrying about that bid spread cos its reduced to ~1pip....