Hello all!
Hope you made a nice buck this week and are willing for some more education of us newbies.
This is primarilly adressed to R.Tharp as he and his respected father introduced this concept. Now I trade off S/R and place my stops accordingly . However I would like to have a few concise answers to this :
WHAT IS EXACTLY RISK/REWARD AND MORE IMPORTANT HOE DO YOU DETERMINE IT ON A CHART?
If you trade on the dailys, 1, 2 or 3 days most, what would you consider as a res? Previous days high, last weeks or the last "major" high? Same goes for support.
And If you trade on the 5 min chart, how would you determine it then? Do you switch to higher timeframe, do you take 2 bar high/low as important? And when we introduce volume it becomes even more complicated... Any examples on the charts would be great on the topic. Now that I mentioned it I think it would be great to have some more charts on this board as they speak a 1000 word. More If you made a bad trade he he...
Thank you all for answering and have a nice weekend
Alex (typos like becoming my trademark?!
)
Hope you made a nice buck this week and are willing for some more education of us newbies.
This is primarilly adressed to R.Tharp as he and his respected father introduced this concept. Now I trade off S/R and place my stops accordingly . However I would like to have a few concise answers to this :
WHAT IS EXACTLY RISK/REWARD AND MORE IMPORTANT HOE DO YOU DETERMINE IT ON A CHART?
If you trade on the dailys, 1, 2 or 3 days most, what would you consider as a res? Previous days high, last weeks or the last "major" high? Same goes for support.
And If you trade on the 5 min chart, how would you determine it then? Do you switch to higher timeframe, do you take 2 bar high/low as important? And when we introduce volume it becomes even more complicated... Any examples on the charts would be great on the topic. Now that I mentioned it I think it would be great to have some more charts on this board as they speak a 1000 word. More If you made a bad trade he he...
Thank you all for answering and have a nice weekend
Alex (typos like becoming my trademark?!
)