It’s been a while since we’ve discussed stop losses and profit targets on this thread… where are you guys finding these levels work best? This is what I’ve found, but I’ve only been at it for a couple weeks:
1HR time frame (if bullish)- set SL just below swing low. Set TP equidistant at 1:1 r/r
4HR time frame (if bullish)- set SL just below previous candle if entering on reversal candle #2. Set TP equidistant at 1:1 r/r. Sometimes my SL gets hit here, but if I had chosen to set the SL below swing low, the equidistant TP seems too far, or maybe it’s that I’m too impatient to wait that long.
By the way, I usually find that I close early when using the 4HR time frame, again, because I’m impatient.
Also, I only take trades if the previous candle closes above the 5ema(shift 2).