- Recommend TP's and SL's based on different strategies (fibo, support/resistance, elliot waves, volatility analysis of a specific chart timeframe, correlation level between different techniques of setting TP and SL)
I have tried most of the above mentioned TP/SL strategies mentioned above and have found that they are not always successful because of the continuing changes to the chart values. What I have found the best for me anyhow is to set a TP of 50 pips and a S/L of say 35 pips and then when the price moves to a point of 9 pips in profit move the S/L to 6 pips in profit then trail the stop every 3 steps. Occasionally on a good trend the TP will be achieved quite often the half way point to TP will be achieved but mostly the SL will move 2-4 times and eventually stop out the trade. On average this has produced an average of 9 pips per trade
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