Quote Originally Posted by ;
quote Pretty much agree with you, just a couple of ideas: (In my humble opinion) I do not use Risk:Reward and TP. My machine gives sell signal when price is extended into the upside and provides buy signal when price is extended into the drawback. Therefore the Risk:Convenience is always good. I stick to every time frame (TF) and notice which TF has exactly what kind of signal (buy or sell). Each TF has distinct 'power': - Monthly is your strongest, it contains average 4 weekly, ~20 daily, ....candle. - Weekly is your second, it comprises 5 daily, 30 H4,....candle...
Nice post, Just a little comment from me. If you wait for every single time frame to get on 1 side (buy or sell), it signifies trader looses already 'large' part of trend (he jumps in tendency too late on higher time frame), what I am attempting to do is I use mid time frame. for ex. 1 hour or 4 hour for entry areas, if 1 hour I am searching for shorts (even if weekly/monthly r upward), for entrances I utilize 5min charts (when I loose, I give quite modest number of pips). And for leaves I utilize bigger time frames daily/weekly/monthly. I jump in longs/shorts based on 1 hourly/4h charts and put SL at breakeven. After some time, when for ex. Weekly tendency will stabilize I will already have positions.

For example today. EURUSD shows last 2 weeks up, but we can not understand when retrace will end/or even is it retrace? Or new fad. But at the moment I have two shorts with this week candle wick. Maybe those two positions will probably be something large (if it's only retrace) or maybe they will die on breakeven. I can not understand, I just follow.

Hope it makes sense,

Thanks for response, I appreciate that.

Regards,


Edit: My job as trader is to manage risk, I choose only setups where SL quite close and there's bigger opportunity to put SL @ BE. That is it. And let market to reward me or not.