Hello Veteran Traders,
I have a simple trading strategy that uses M15, H1, and H4 to confirm good setup, now I am trying to apply it to H4, D1 and W1… It is looking promising, but now I will have one dilemma…
Here is my dilemma, on the shorter TF setup, I have a time everyday, which is 1:00AM Malaysia time (my broker chart time 20:00), I [must] close all open trades whether it has touched TP or SL or not… and it has proved to be a life saver sometimes.
Now with applying the same strategy to the higher TFs, I have noticed it’s one I can easily leave open for all week if it fails to touch TP, but just check a few times daily to see if it’s creating another valid entry, that’s against my position.
So now I wonder, when will be a good [must] time to close all open trades on this higher TF, if you don’t want take much chances, but also don’t want to miss out on final market movement for the weekly trend… Should the [must] close all open trades on this higher TF be Thursday New York Market close time, 4:00AM Malaysia Time (my broker chart time 23:00), or around 8:00PM Malaysia Time(my broker chart time 15:00) Asia Time on Friday?
Thanks in advance for your help guys…
I’m also a newbie here. we are waiting for the seniors to comment on this discussion.
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Lol I hope they reply and help us out
Bump! Somebody help lol