Advice needed on 15 min chart stop losses

Trading Systems Free Forex Trading Systems
1

I have just tried a tweaked version of a 15 min chart system and in 1 hour made 37 pips on shorting GBP/US and 14 pips shorting US/CAD, and all in an hour’s time.

Now I know that the GBP short was influenced by the anticipation of news, but the Canada trade was also pleasent.

So my question is this:

What do you all reccomend as a 15 min chart stop amount?

5 pips? 10 pips? 15 pips?

I am trying for a 2:1 reward/Risk ratio but I don’t know what the average 15 min chart profit is.

Could anyone who trades on 15 min chart swings please let me know what your average profit is? Also, what stop loss amounts do you use?

All replies are greatly appreciatd. If my system turns out to be a winner I will post it later. Good luck to all.

2

xmsr33:

This is kind of difficult to answer without knowing how you get it.

Consider the guidelines for your entry point and you will most likely see a place when you determine that the currency has changed directions.

Keep an eye on your money management to see if you can afford the possible loss of money while feeling confidence you will take x profits.

Since I use SAR and MACD as my entry points, I usually use the last high/low plus 5 pips.

Hope it helps.

3

Maybe I’m wrong but I don’t think it’s a good idea to use the same stop/loss all the time. I think you should use the 3 bar reversal system. I have backtested it at weekly charts with great results but it can be used on all time frames. In case you don’t know what the 3 bar reversal system is you can find it at Secret Forex Society

4

Depends on you drawing trend lines and identifying support and resistance. Once you identify those then you can bet on those areas and shoot for tighter stops and stops and reverses. How much can you afford to lose on a trade? Thats your personal question that can’t be answered here, only you can answer that. Sometimes finding those support and resistance can mean making a horizontal line, extending your time horizons on charts until you see past support and resistance as you scroll up and down. Once you stop trading the news and go with the above you start pushing away from being a beginner with dangerous tactics for your account to becoming more sophisticated trading trends in quiet markets.

5

if your swinging on the 15m plan on making 2-6 pips per trade

6

Do you realise that the post before yours was made [B]8 years ago[/B]?!:rolleyes: