That is one valid approach. On the other hand, I don't pre-calculate r:r, I don't set TP's and I ignore resistance in uptrends and support in downtrends.
If you succeed in such trading, that's all OK. Anyway the main purpose is to make profit
Actually, everyone acts differently, that's why it's hard to say whether we should do it or not. Everyone has different tactics and trading style on Forex.
Entry and exit is the most common problem. You said you can predict the direction. If it is the case, you should test your strategy in demo regarding your stop loss. Check what works the best. No one can give you exact suggestion. By trail and error you have to solve it out.
Trading analysis should be done before making an entry into the market so grab the basics of Forex trading and spend time on observing Forex market and trend analysis because the trend is our friend and should accept it and follow it full discipline. Arrange different strategies and test it in demo account and then implement in a real account to make right entry and exit point into the Forex market.
I recon that whenever you find a signal consider a lowest or highest price... minimum 19+. by 90+ I mean that the price went high / low of previous 19 / 20 / 50 / whatever. If in your signal, the candle closed below the low of the highest candle than your SL should be there and profit as per your signal.
It's the best to use your own strategy to determine the entry and exit points on the market instead of just guessing where they are. It's just important to find a good strategy and follow it.
Hint...the smallest candle on the chart is them....if you don't know who them is then you have no business trading..if the biggest controlling player is the smallest candle..no study of candle size nor colour can help you...they (them) purposely push this stuff so that you buy when they want to sell..ok
Hi frazali, my simple chart analysis use the yesterday highest candle as resistant point and the lowest candle as support point. For entry signal i'm using rsi indicator, when it cross on support or resistant level it's time to place an order.
interesting. Are you talking about Illuminati? you gotta be talking about Illuminati.
The beginner's guide to FX trading