Recently I’ve been getting much more busy, so I’ve decided to try to stick to some longer term trades. So far I’ve been aiming to hold trades for maybe 12 hours max, and using 1 hr and 4 hr charts mostly. For a while I’m going to try to use 4 hr and 1 day charts to make trades.
I’m hoping to make trades that can watch themselves for the most part. For a test trade I made this one:
Stochastics aren’t quite over 90, and the previous candle is barely barely touching the top BB. This isn’t a perfect trade, and if this was real money I would certainly wait for a better trade but it looks good enough for what I’m trying to test now. If this was a strandard trade, I think I would set up 3 positions, all with a stop loss of 20 pips or less. The targets for all positions would be at 20, 40, and 60 pips.