I now know how to identify key s/r, price action setups and stop losses. But all those would not be important without knowing how to take profit. So any help guys? How do you usually take profit? Do you use market structure or just risk multiples?
If I am not sure, I usually set TP at 2:1 meaning that TP should be at least twice that of stop-loss.
I let the market take me out of a trade. I use a stop trailing technique so that the market takes me out when the trend is over. I use the parabolic sar indicator to trail my stops. I move my stop loss to the new parabolic sar dot that appears above or below each new candlestick. This occurs once every day. I only use daily charts to trade. If you use intraday charts, it would also work with those. I don’t use take profits nor do I manually exit trades. I let the market figure out when I enter or exit a trade. In my opinion, risk management is the number 1 priority in trading. If you risk too much per trade, your stop loss will always be too close to the current price, so you’ll get stopped out before the trend is over. Sometimes less is more. Good luck.
You need to know what profit is acceptable to you and see what the chart is giving you. Don’t trade what you want to see, trade what is there.
And by that you mean checking for any relevant S/R for price targets?
IMO better to set multiply TP
They can offer a decent insight about an exit from your trades, yes.