1. Strong support and resistance line for both target and entry order. 2. Use price action (PA) on pin-bar candle stick close on daily chart.
My setup configuration: Long @ : 136.00 ][ This entry come from RED arrow as seen on chart, where price bound from this point multiple time. as well as PIN-Bar of daily close with a very long tail.
STOP @ : 135.20 (-80pip) ][ This use as my standard stop-lost where is cover at least 135.50 with extra room.
TP @: 140.00 (400pip) ][ This come from the GREEN Arrow where price shown strong significant resistance in the past.
Rational analysis dude , best is simplicity and using solid ideas like yours : price action & round numbers & channels
Then to go WITH the trend / channel direction.
helpmoeny
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your risk/reward ratio is 5!
Don't you think that's a bit high? I know its all a personal opinion but perhaps try 2.1
Kevabatai
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Hello, I normally use this high.. of Risk-Reward. :D Since if im right I want it to really pay me. :D
helpmoeny
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Fair enough, again its based off of personal preference.
I figure if you want to play long (buying lots of shares/spending lots of money), you'd want to play safe :P That is just how I view it.
Then to go WITH the trend / channel direction.