Hi guys,
I will ask this question basicly to the traders which are trading base on support and resistance levels. I trade on 4H chart so I mean the big S&R levels.
1. I want to know what how much SL you put on each pair where you trade bounce and how much when you are trading break thrue s&r level.
2. Second question is what is your exit strategy, where you close one part of you trade, and when you put the SL to break even, wher you close the whole trade.
Here is the example how I do:
I open every trade base on 2% risk, so let say my account is 100.000$ I will risk 2.000$. My stop loss is 100pips. So I will play with 2lots, becouse if trade go wrong will stop at 100 and take my 2.000$.
I open two positions with 1lot, stop loss at -100pips for both. For one trade I put TP at +50pips. And when first TP is reached I move the SL for the other to Break Even. And than manage that second trade to get as much pips as possible, so I constantly move my stop loss with my trade until I get stopped or until I reached next big S&R level and close trade by myself.
So what is your strategy of putting SL and how you manage trade when is going in your way.
Thanks for answers in advance,
scorpionFX
I will ask this question basicly to the traders which are trading base on support and resistance levels. I trade on 4H chart so I mean the big S&R levels.
1. I want to know what how much SL you put on each pair where you trade bounce and how much when you are trading break thrue s&r level.
2. Second question is what is your exit strategy, where you close one part of you trade, and when you put the SL to break even, wher you close the whole trade.
Here is the example how I do:
I open every trade base on 2% risk, so let say my account is 100.000$ I will risk 2.000$. My stop loss is 100pips. So I will play with 2lots, becouse if trade go wrong will stop at 100 and take my 2.000$.
I open two positions with 1lot, stop loss at -100pips for both. For one trade I put TP at +50pips. And when first TP is reached I move the SL for the other to Break Even. And than manage that second trade to get as much pips as possible, so I constantly move my stop loss with my trade until I get stopped or until I reached next big S&R level and close trade by myself.
So what is your strategy of putting SL and how you manage trade when is going in your way.
Thanks for answers in advance,
scorpionFX