i thought so hehe.. but i wasn't sure.
ok, well S/L .... calculate is so you can put it on S2 instead of S1 if possible
basically you find the first support point then find the one below it and put it there. but again this is not a hard and fast rule. it depends on the instrument and how it behaves, but to begin with , you can use this rule
T/P - there's 2 ways to approach it
Way 1 - don't put it too far off
so... see that big drop of red candles... well. MEASURE HALF WAY and put your T/P anywhere you like between the entry and that Half way Point
which you have and it HAPPENS TO BE THE PIVOT POINT
and IT'S THE PIVOT POINT FOR A REASON... as well
so what you're doing is correct
You see mate, even if it goes low again, and if you have your S/P as S2 there is a very good chance that you can break even, so what you're doing here is good
WAY 2. You let price get up a bit , say about half way to the T/P then move your stop loss line to be 1 pip in profit or 2 pips if you like
when you do this.. you have no risk
before you this.. YOU HAVE RISK
the idea is... to miniize risk wherever possible
so let's now go back to this...
so.. am i now changing the plan ?
NO.. NOT REALLY
you see when people say, put a S/L on and don't move it
they mean DON'T INCREASE IT
there is nothing wrong with decreasing the risk
so if you want to start a strategy, use that HALF WAY RULE if you like
and you use that 2 levels lower rule or higher (Depending on what applies) for the stop loss
No.. don't set them AT PIVOT LINES
offsett it off the line by around 15 pips or so, Never go right on the line
Same goes for T/P
the idea is... if it hits the pivot point and it likely will, you don't want to get stopped out when it's gonna bounce off the line
but .. if it goes 15-20 pips through the line.. THAT'S DIFFERENT, that's a loss
as with T/P what if it doesn't reach the line by 2 pips, so..... set your T/P around 10 pips off the lline, Below it if buying.
as for Risk to Reward hehe
don't get too hung up on the whole 1:1 thing minimum ok
you could have 3 times the risk and 1 part reward and all you need to do is make sure that you get 4 trades before you get a loss
so let's say you have a take profit of 30 pips
and a stop loss of 90 pips
well . it's more likely that it will hit the 30 pips before the 90 even after 5 or 6 trades
so keep that in mind as well
but you are doing ok so far.