Question regarding setting targets

Beginner Questions
1

I think my original post was in the wrong forum, so I try here instead - please moderate if wrong.

Hi!

I am in a phase very I have some strategies that is, or is close to, profitable. However I struggle with setting Targets.

The thing is: I identify multiple support and resistance zones on the chart. Some stronger then others of course. Then I get an entry signal. However, placing the Take Profit on the first support/resistance level usually gives a pretty poor R:R. Placing it on a second, or a third, gives bettter R:R. However I feel very insecure about knowing which levels will hold and which levels will fall, when it comes to my Take Profits. (Weirdly this does not apply to my Entry-zones, which I feel relatively comfortable with.)

I see charts on twitter from some of the more serious range-traders and they almost always have an entry in on end and a take profit multiple support or resistance areas away. I’ve studied a lot and tried to figure this out but I struggle - hence this post.

I’m very greatful if anyone are willing to provide me with some insight.

Greetings,
Ben

2

I don’t put much faith in s/r levels - though they’re not drawn randomly and I see them making great TA on historic charts, in real time it certainly feels random as to which one will stand and which one will break. So what’s the point?

The worst that can happen if you respect all the s/r levels you can see is that you exit before the end of a move. But surely then you see the move continue so you can get back in and ride it a bit further?

3

I believe the s/r levels on the higher time frames such as the 4hr and up are more accurate, so it depends on the time frame you’re looking at

4

I think will depending with plan trading, intraday trader if expect too large target maybe will rarely will able to close target on one day, scalping target is around 5 or 10 pips target, support resistance still good way to determine target

5

Try backtesting using one method and record where you placed your stops. Then, record the results and backtest the same trades with modified stops. Keep tweaking.

6

Chart time frame could be one of the reasons. We don’t know which technique you are using, but for short term trading experiment a bit with different chart time frames and see if results are improved