So I have been trying to determine a consistent formula/method for entering a trade, what my target(s) should be as well as what my stop(s) should be. I’m trying to come up with a proven method that works the majority of the time as to help narrow down the time it takes to look at and interput exactally where to ente, place targets and stops wnem entering a FOREX based trade. Reason being, say I’m trading between 4-6 Pairs at a given time, well that’s alot to contend with at once and try to have seperate entries stops and targets. So here’s my thinking… onthe 4HR chart…ENTRY TECHNIQUE… Trading 1 Lot, then you just enter at the Market Trading 2 Lots, then you still enter 1 lot at the market , BUT, yo enter the second Lot at a FIBB level of ( 19.1 ) which is half of the strong 38.2 Fibb level. My thinking is, it’s half one of the strong Fibb PB levels, and I want to try and make sure I get filled on my second Lot. But if I don’t then so be it. Trading 3 Lots, then everything remains the same , EXCEPT, for this third Lot, are Limit order will be at a FIBB level of ( 30.9 ) which is half of the STRONG 68.2 PB Fbb level. TARGETS… if only trading 1 Lot, then target is 10-20v Pips from what ever the ATR of the PAIR in which you are trading is. Trading 2 Lots, then the second Lots target is at the averag Max of that Pairs ATR Trading 3 Lots, then the third Lots target is at 1.5 - 2 x that pairs ATR. Keep in mind, that MAJOR support and Resistance levels will be where to tighten up or take profits if they occur before the Pairs ATR targets are Hit. STOPS… The initial Stop no matter how many Lots you are trading is 1 1/4 that Pairs ATR. If in a Long position, then the Stop on entry of that trade is initially the ATR + add 1/4 off the ATR to it. In this sense, hopefully if it does test it’s max Range, it won’t take you out if is just a normalPullback occurance. Anyways, this just came to my mind while reading earlier today, and all comments and suggestions on my thinking would be greatly appreciated. Thanks again - Mike
I’ve had a few beers tonight.
I’ll try to get through that again tomorrow.
Don’t know if it will help to be sober or not.
We’ll see.
Get a girlfriend.
:o I believe your difficulties are found immediately following the statement above.
By the nature of your opening comment, I will naturally assume you are new and or extremely inexperienced in trading. So it is with that in mind I suggest the following.
Firstly, you are not going to find consistency in “more” pairs. Consistency is initially developed by narrowing your focus… not broadening it. There are multiple “mines” to explore for opportunity… pick a pair and get to know it intimately. Each has specific characteristics that are unique to it… it pays to understand this. Do not fall into the pitfall of chasing pips on every possible pair under the sun. Pick one… stick to one. It will provide a lifetime of trades… trust me.
Only when you do this can entry techniques and stops will be of any use to you… you simply can’t follow 6 pairs and have greed and emotions… not to mention sanity in your control. However, I’m sure the “one person” out there that will prove this statement false; will no doubt eventually materialize… but until then… why chance the high odds against it being you? :rolleyes:
Gear down… find a pair in the majors and trade session highs and lows… pull a fib from the previous days high or low and trade retracements in the direction the daily chart is trading in. Risk no more than 1-2% per trade and exit at 1-2 times your trade risk, there you are… that is a good foundation to build on. 
GLGT
I find your advises really usefull!!!