My personal stop loss works a few ways. Depending on what happens with the trade.

If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.

If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up.

If its the middle of the day I use 30 pip take profit and 15 pip stop loss.

You will get the idea after a few days of watching this live.

You will also find that there are better times to trade for better profits and you won't mind staying out of the bad trading times.

There are no hard and fast rules to money management. Learn to make up different rules as you see the flow of the Forex. Each time day and season has its time and place for different rules.

I hope this was helpful.

JS

My personal stop loss works a few ways. Depending on what happens with the trade.

If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.

If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up.

If its the middle of the day I use 30 pip take profit and 15 pip stop loss.

You will get the idea after a few days of watching this live.

You will also find that there are better times to trade for better profits and you won't mind staying out of the bad trading times.

There are no hard and fast rules to money management. Learn to make up different rules as you see the flow of the Forex. Each time day and season has its time and place for different rules.

I hope this was helpful.

JS

Attached Images

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Dear Joesmoe,

Thank you for your support. I hope you will support.

Thank you,

I see that you also took a risky move (enter) on the second highest peak, and exited at the top of the peak. I guess the entry and exit rule can be flexible.

Dave
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It's a very simple and interesting trading setup,I will try it for sure!

S/R indicator used there is based only on simple fractals. You can check it by aplying fractals on the chart. I checked this system on history - its dangerous to use it live Many times it gives false signals as there are many false breakouts. Think system needs some aditional filter to avoid trading when breakout is not "real".

I did not take that trade but you could have. I was just showing entry and exits. I don't pay attention to anything other then support and resistance and the Mac D. Some trades are 10 pips others are over 150 pips. Depending on the time frame I use. Yes the entry and exit rules can be flexible. Once you find you are winning trades you will be able to come up with a money management strategy that works for you. You will just need to pratice watching this set up. Don't try to use other things you know about trading it will just get in the way. Try to trade it as simple as you can.

JS

Did you use fractals or the S/R indicator when you check the history? It is not dangerous to use live. I use it live right now. You have to watch it live to get a better feel for it and not back test it.

I used to play alot of baseball. I cannot tell you how many times a went to bat. What I can tell you is in a split second I could decide if it was a ball or a strike, If it was a curve ball or a knuckle ball. Most who have played will say the same thing. I could even see the strings on the ball as they were rotating. This would tell me what kind of pitch was thrown. This would tell me to swing early or wait a little longer to let it break and then I would swing. I was able to do all of that by doing it so many times. Trading is no different.

I tell you this because you will decide what is a false break out and what is not. You will know to wait for a candle to close after crossing the S/R or because the momentum, time of day etc. that breaking the S/R will be enouph and you won't have to wait.

Going to bigger time frames can help. If you went to a 1hr candle waited tell the price broke the S/R and then went to lower time say 5 minute to take a better entry but waiting for the candle to close past the S/R then you would be fine.

Trading is not having a system that is a robot and 1 + 1 =2. If you searching for that you will never find it. Find something that is easy to follow and get good at knowing the flow of the trade by watching it live. This trade will make you more wins then any other trade. 1 day or back testing isn't enouph to determine if its a good set up or not.

JS

How do you show arrows for exits if the indicator do not show dots in the real time? Dots appearing only after 2 bars?

I don't use the dots to exit. I just showed some examples of were you could have exited or the potential of profit. Your exit strategy has to be what fits you.

My personal stop loss works a few ways. Depending on what happens with the trade.

If its 5pm-6pm EST I usualy close half my trade at 30 pips and ride the rest tell I get to the opposite directional set up.

If its choppy then I usually sell half at 10 pips and set a stop loss at 10 pips. My take profit is 30 pips or opposite directional set up.

If its the middle of the day I use 30 pip take profit and 15 pip stop loss.

You will get the idea after a few days of watching this live.

You will also find that there are better times to trade for better profits and you won't mind staying out of the bad trading times.

There are no hard and fast rules to money management. Learn to make up different rules as you see the flow of the Forex. Each time day and season has its time and place for different rules.

I hope this was helpful.

JS