Your price targets and stops were just way too tight for something based on an hourly chart. I don't think any support/resistance or even sideways movement can be relied upon within a 20 pip range, it's just noise really.
Even still, a fixed number of pips in your profit targets or stop targets (within reason) might not be the best approach. Sometimes it works great for people, sometimes it does not.
Case in point: There have been times when I have arbitrarily set a stop limit to -15pip from my enter price, yet there was huge support at -22pips from my entry price (there are a number of ways of determining this). I got stopped out, it went down to -21 pips, stayed there, then shot up over 40. This happens all the time.
All I'm saying is try to analyze *in words* why you believe you are setting your stop at a certain level and your profit target at another level. You'll be a lot more confident in the end..
I attached a chart to give you a quick idea. But keep in mind, support/resistance are individualized. Just trying to give you a starting piont.
Quote from uninvited_guest:
Ok..
So instead of entering at +25 pips, maybe +40 pips might be better. With stops at -20 pips, and limits at +20 pips.
Thanks for all the replies. I will be reading everything over.
To eliminate all the "noise" I could enter a trade like this at a specific time without looking at any charts. A good time would be about 10:00 pm EST just before the Europian markets open, I find between 11:00pm EST and 9:00am EST is when the markets really move in one direction.
