NAVARRA FOREX TRADING INDICATOR is to be traded on the H4 chart only. I switch between daily and H4 charts to see what the market is doing. Daily you will see the overall trend. H4 is where you will place the trade. Sometimes you can go to H4 and see if the signal matches the H4, if it doesn’t, wait for the trade set up on H4 so you get a better entry.
TRADING TIMES:
I place all my trades at 1 am est. That’s when I get a new candle and the market tends to move a little. I really don’t like staying up late so I will place the trade at 1 am and stay up another 15 minutes to make sure everything is looking good. I like to keep the trade open until 11 am. It seems like the market picks up more juice around 9:30 am. You should only exit the position if it’s going against you.
EXITS & TAKE PROFIT
Since we are trading 4h timeframe the stop loss has to be pretty big. If you get in around 1 am then the market shouldn’t go against you more than 40 pips if your trading high volatile pairs. Anyway, stop loss should be 70 pips. If it seems too wide then don’t trade as much money. Get the feel for it. There’s nothing like the market going 50 pips against you and your $800 in the hole only to turn around and then go your way. I have been in some trades for 2 days because it was ranging between -40 - -60 pips. I usually take profits at pivots, emas, lows, and highs. It’s up to you how safe or risky you want to be.