I wanted to try something new that I’ve been considering for some time now, using monthly & weekly charts (SR levels) for direction, daily candles for entries and SL placement, while also paying attention to SD levels on the 4H chart.
The strategy is quite simple:
- When my open P/L reaches $100.00, all trades get closed. **
- When my open P/L reached -$50.00, all trades get closed.**
Once trades are all closed I can get back in using stop orders (not market, unless I’m super confident) so that if price continues in my direction they will be opened automatically. Plus, then my analysis is not wasted.
The reason I’m doing this is because so often we see our P/L hit 5-10% of the account just to fall back down to zero. So, this could be a fun solution to that.
I will likely only have 3-4 trades open at any given time because they will be fairly high risk at 5%, or $200 per trade.