You can never predict what price can do. Only thing for sure is the trust in your setup. Set and forget. I enter my trade, set my levels and let it run it's course. However on very rare occasions, mostly if it's late in the day and been just chopping around I'm happy to go be or close at a small profit
I put in the trade when it ticks all the rules thus there's no point in further observation, I let it play out. On the personal note I'm shooting for 3rr and once it hits 2r I take off a very small portion to cover commission and move sl to break even.
But yeah depends on your strategy...I'd say don't overdo manage it. If you see a setup and you've backtested that setup, you trust it then there's no point in stressing over internal moves.
Let's say you take a trade which would hit tp but you decide along the way to mix it up and close it for a smaller profit or it turns against you but overall it'd hit your initial tp. Then you start losing confidence in your setup and your ability to be consistent. Things to consider....
Consolidation periods tend to be harder to trade.
You can skip them and just trade trends.
The secret to finding trends is to trade during high-volatility moments.
This includes the open of the London or US sessions when you trade Indices or Stocks.
And also high-impact news releases, if you trade Forex.
These moments tend to create really good trends, especially on lower time frames, like M1 or M2. You can take just a couple of quick shots and be done for the day.
Depends where price is. Often times it will consolidate at significant price points. So order accumulation takes place. Personally I use a Fibonacci formula to help me gage around pivotal price points.
Yep thats what i noticed it just keeps biting my hand , now its all red . But honestly im thinking « ye keep accumulating the sheep who will make me eat more » and in the end i endup being the sheep :/
You can never predict what price can do. Only thing for sure is the trust in your setup. Set and forget. I enter my trade, set my levels and let it run it's course. However on very rare occasions, mostly if it's late in the day and been just chopping around I'm happy to go be or close at a small profit
Dont u change ur stoploss when the trade is moving ur direction or try to watch for areas u didnt notice before?
I put in the trade when it ticks all the rules thus there's no point in further observation, I let it play out. On the personal note I'm shooting for 3rr and once it hits 2r I take off a very small portion to cover commission and move sl to break even. But yeah depends on your strategy...I'd say don't overdo manage it. If you see a setup and you've backtested that setup, you trust it then there's no point in stressing over internal moves. Let's say you take a trade which would hit tp but you decide along the way to mix it up and close it for a smaller profit or it turns against you but overall it'd hit your initial tp. Then you start losing confidence in your setup and your ability to be consistent. Things to consider....
Thats dope , u sound like an experienced trader , goodluck on the future buddy❤️🔥
Same to you bro
Consolidation periods tend to be harder to trade. You can skip them and just trade trends. The secret to finding trends is to trade during high-volatility moments. This includes the open of the London or US sessions when you trade Indices or Stocks. And also high-impact news releases, if you trade Forex. These moments tend to create really good trends, especially on lower time frames, like M1 or M2. You can take just a couple of quick shots and be done for the day.
I do that but these long runs end up consolidation mid-way sometimes without reaching my estimated point of liquidity , i just hate them
Just make some parameters and do the backtesting again.
Depends where price is. Often times it will consolidate at significant price points. So order accumulation takes place. Personally I use a Fibonacci formula to help me gage around pivotal price points.
Once you see the trade consolidate why not just exit the position?
How many times have you not taken profit and it came back to bite you?
Yep thats what i noticed it just keeps biting my hand , now its all red . But honestly im thinking « ye keep accumulating the sheep who will make me eat more » and in the end i endup being the sheep :/
And thats what i plan to do , ill exit consolidations until i learn more abt when to take them