How many pis stop loss do you use for your trades?
Trader3000
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@mahlakn, Thank you for your comment. The size of your stopp loss depends on your risk management. So you should never risk more than 2% of your trading account. 1% or less is much better but this is nothing for impatient traders. So the first rule of every trader should be: patience.
Hey I'm a price action trader as well and I have some advice for you, first off very high risk with that take profit I suggest halving it and when it hits sell 50℅ of your trade and continue your next target,second the wick is pretty big (pretty big s/l and alot of buyers) I suggest you wait for a second candle and if it's wick is reasonable take the trade if not I suggest you don't
Anyway have a good Saturday peace
Trader3000
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@KarimMera, First of all I wanna thank you for your advice and for your idea. I am convinced that the market will fall below the 1.6000 mark - that's for sure. Here I will take 50% of my win and then I will watch what the price is doing after. At the moment I am thinking that the price will fall a little more but it will take a few swings and it is too early right now speaking about that. But in my opinion it will reach my target area. If the second candle confirms the first then you didn't get a great amount of pips. Then you are in a trade when everybody else is starting a trade. I don't trade like that. What I try is catching the movement as early as possible; within the first move. That's a kind of masterpiece and it takes a lot of experience. There's no luck behind it or something like that. But anyway, I like your idea and it will bring you profit for sure. But not as much as you were able to.
I wish you good luck and a lot of pips!
sinakhan98
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1 - Which Gap? where did you find that gap?
2 - Even if it was a gap there in the chart, what would do that gap so special and what would that mean for coming movement on this pair ??
1 - First I was surprised about your question depending the gap and where I found it. But now I am suprised that this gap is only seen at the chart of trading view. Other platforms don't show it. Nevertheless my trading idea is still working.
2 - Gaps are always a point of interest. There are a few kinds of gaps but I would go too much into detail for now explaining it here.
I wish you good luck and a lot of pips!
sinakhan98
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@Trader3000, thanks for your reply. Yes ofc gaps are important in your charts but I meant even if you had a gap there that one wouldnt mean a thing since price has already passed that level many times. In other word a gap that already been closed doesnt mean anything actually more than it was a gap once back in time :-)
Trader3000
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@sinakhan98, Of course if the gap is closed so this level of price is without interest. But if you look closly then you will see that this gap wasn't closed before. There was 1.4 pip missing. Now the gap is really closed and so it isn't of any interest any more. It is good when you ask questions like that. So you have seen a new way to look at the charts. I wish you good luck!