Idea: This week I have been working on flipping time on my strategy to see how the time taken to complete a trade is effected. I have been working on reducing my time frame from 4hr charts to 15min charts. Entry will be on a small time frame chart and exit on a larger one. The exit will rely on a time target instead of measuring the previous trend and predicting the profit with RSI.
Pros: If I can time the exit it will make managing the trade less work intensive & give me more time to look for new trade opportunities in a large variety of other instruments.
Cons: The trade has a time limit instead of a profit goal. The p&l is unpredictable at the entry of the trade. I am going to set a 7:1 as a goal and track how it progresses.
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Pros: If I can time the exit it will make managing the trade less work intensive & give me more time to look for new trade opportunities in a large variety of other instruments.
Cons: The trade has a time limit instead of a profit goal. The p&l is unpredictable at the entry of the trade. I am going to set a 7:1 as a goal and track how it progresses.
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.