DislikedHi guys! Hope your all enjoying your weekend
Hope I can get some input on a question.
Thanks all for making this a great thread and all input is appreciatedIgnored
The way I look at it, as Sho said this momentum trading method works on any timeframe. I'm not limiting myself to 10 or 20 pips StopLoss trading on 15 minute timeframe, rather am focusing on risk reward ratio. I can always adjust my lot size so that it's within my loss limit for a single trade (1-2%)
On my last trade my risk is about 18 pips, so I'm expecting reward of 30+pips but I got stopped out
As with Fib Retracement, I would agree with what Sho said:
It doesn’t have to be perfect. 50% or 38% or any retracement level because we don’t live in a perfect world. Big institutions place their orders just before or after exact level. They know amateurs are waiting for exact level.
I find this method is simple, make sense and most importantly works