50.5% win rate, Risk v Reward varies from 2-3. I skip any trades below 2 Reward.
I would like to ask for some help to increase its win rate/risk v reward.
Ill post some of my setups.
I identify a SR level, then wait for a one hour candle to have a wick rejection.
I want a better win rate if not better RR, both would be fantastic so any ideas?
Yes I know psychology, risk management is important. But lets keep this thread on strategy.
My TP are next rejection level/SR or I cut back some profit if price action shows weakness at 2-3 RR.
https://www.tradingview.com/x/gAz8godM/
https://www.tradingview.com/x/OEwA9Txt/
https://www.tradingview.com/x/duwmtyTS/
https://www.tradingview.com/x/nXGiTCu6/
https://www.tradingview.com/x/5wa5uuZB/
Entries is on closure of hourly candle with stops above the highs.
Also, I forget to say I only trade support turn resistance/resistance turn support as SR.
TLDR: I only trade Support turn resistance and vice versa.
Entries: On Closure of hourly candlesticks that has touched the level but unable to close above/below
Stop Loss: Few pips below high low of candle sticks.
Take Profit: Next Support/Resistance Level (Not support turn resistance/resistance turn support.)
@Scataphagos @Redneck
Some advice
I see areas that can be changed BUT you have not learned charting well enough to know what speed of the market is and ranges, so any changes I could suggest would not ever be good enough to alter the future, cause trades you see to be valid signals, I see no signals based on risk being way too fricking high cause speed of the market, length of retracement and range size. Much depends on speed, what goes up matters on how long it took and prices going like a rocket ship in one direction, normally comes back just as hard.