I see retracement might happen on some trades today? How do you normally manage your SL when you expect your trade to retrace? Do you take profit manually when you see retracement? Or, you still let the trade goes as it is and wait for it to go your direction again?
I feel helpless when I see the price starts to go against my direction after a day of smooth nice gain, and don’t know how and what to do about it - I don’t know whether to close my trade to take some profit or just leave it. Most probably I am lack of experience.
So, I hope you can give me some advice on what you would do about this with your experience.
This is where you need to personalize the system to your personality as a trader. I would say that if you trade the daily, you “should” find a way to let your trades run for longer than a day. Managing these trades is the difficult part.
I did not even get to look at how my trades were doing last night, so my stops are unchanged… and I’m ok with that. Micromanagement is a problem for me. I would try and move my stops towards my trade using sup/res levels as protection against retracements… If those levels are broken, then I’m out.
You can also develop a more mechanical rule based approach, like the one already laid out for the 4h. You obviously have to adapt these numbers to the daily TF. 30 pips will not be enough though.
I recommend you study the matter, and do what’s comfortable for you. Also, keep in mind that whatever approach you go with, you should treat your losers with the same idea.