If price does not reach one of the TP targets, there are many ways to approach it. I often suggest moving the SL to break even or small profit, Of course, that’s not always possible.
I recommend that until a trader believes they have mastered the strategy (by evaluating volume levels) they keep the SL pretty tight. Just past the opposite 25 ema. So losses are minimal.
Since price will typically pass one or more of the targets, moving the SL to a profit position before allowing the trade to continue toward the next target is wise. There are many signals each day, so there’s no need to take risk to let a trade run.
I do not follow the advice I give to newer traders. I don’t usually have a stop loss unless I know the trade will stay open during high impact economic news. (I try to conclude any trades before the news hits).
There are always some challenges and the solution is always the same. Checking higher timeframes to see if they show a reasonable chance the trade will be successful.
I like working with all major currency pairs, but could just stick to one pair when scalping. I’ve been sticking to Eur/Jpy for several days just because the daily and weekly charts show the strong upward momentum (which could be winding down this week). So I focus on going long with the trades.
Hey @AmericanTrader. The Cap Channel indicator appears in my indicator drop down. Unfortunately, it cannot be attached to the chart by right clicking and selecting “attach to a chart” option.
Hey @AmericanTrader how do you approach adding to a position? Like what’s the stuff you look for? Certain amount of pips made already? How close to your TPs/market structure you get?
Do you ever scale out, whether that’s on a winning trade or losing trade?
Hey AmericanTrader, im starting to use the 25 ema channel and the cap channel and my backtests came back very positive, but i read that cap channel is repaints when going live. I only use the channel of cap channel, not the arrows. In your experiencie, do you see the channel of CAP channel repainting a lot in lower TF?
Yes the Cap Channel repaints in lower timeframes. You can tell when you see it zigzag back in history a little bit or the Cap Channel stops moving forward with the new candles.
Obviously, you hit the refresh button when you see that, or whenever you want.
I hope you look at repainting the way I do, as an essential part of an indicator’s function is to show reality, not continue to show something that is no longer true.
