Best Retracements?

[Gambler67]

Now what would happen in these instances if, instead of waiting for retracements which may not appear at all, you instead bought the market as it trades above the previous high that occurred before the bounce and participated in these strong trends? When I began to systematically take such trades, I finally turned the corner and began to make money.

 

Thanks again for the input , tmalone. But then what time frame would I be looking at when trading breakouts above the previous high and where would be my SL then. Wouldn't the risk be too large if it was right at the previous low or where?

[tmalone]

Thanks again for the input , tmalone. But then what time frame would I be looking at when trading breakouts above the previous high and where would be my SL then. Wouldn't the risk be too large if it was right at the previous low or where?

 

Trading is fractal in nature, so the timeframe is irrelevent. Whatever one you prefer or choose. I prefer dailys and weeklys. Use unit or lot sizes to adjust the size of your risk not the market. I trade with Oanda and using their unit designations I'm able to risk 2% of my account size whether my stop-loss is 15 pips or 250 pips from my entry. I simply adjust unit sizes to dial in a 2% risk. If you are not with a broker that offers something similiar, then I would shop around for another broker.