Thanks for your perspective.
In current volatility I like to take the lesser of 2x initial risk or 10 points for target 1 and then target fib extension levels, holding a runner or two in anticipation of a full measured move. For a one lot trader, 2xIR is hit more often than not on successful trades. Any trade plan should of course be tested and defined by each individual trader. No two of us will trade exactly the same as no two of us ARE exactly the same. All anyone can get from a thread like this are ideas and examples....the work has to be done by each of us.
It was indeed a bear flag and could have been taken and would have required a second entry. The caveat is that it was far from the MA but even taking the loss on that entry, the following one more than made up for it.
I've found strict fib zones on retracements miss a lot of good trades so I use .33, .66 but I do use fib extension targets.
Ones who make money consistently from the markets and its their profession or livelihood.
Its not 5% at some arbitrary price. Max risk is 5% of acct for a given trade. Stop is placed above/below pivot or where price turned. Size is adjusted for needed stop and allowed risk $.
Whatever works for you sport.
Its not working, hence this thread.
