I've read through your provided PDF in the verified section and have to say "Thank you" again. There is still this one thing that bothers me which costs me money more often than I'd like to admit. You said the following:
"My stop loss is determined by the next H1 level (there is always a level up or below)."
I am not sure why I do not get that part. Two reasons why:
- From what I've understood, your first (and only) target is 10 pips. If your SL is more than 10 pips, that'd mean that you are trading with a RR of less than 1, which is okay since your winrate compensates. However, if your SL is above/below another level, which could be far away, than your SL must be huge, no? And would you consider both zones (the one you trade and the one you put your SL) as entry zones where you split up the entries?
- And two, I just cannot figure out the level up or below the zone you want to trade. I mean, I just cannot spot it on H1. If you find time, would you perhaps be able to just show an example?
I am aware how much you've provided in the BoE chat and simply hope that you could help me out one last time, just with an example of such levels and how you see it just to get the basic idea since I just don't get it for some reason.
Thanks so much!! So far I am able to produce a 65% winrate and a 1:1, still a lot to improve, though, mainly my SL placement and drawing SR.
All the best!
ps. My take profit is $300 per day (or per batch of trades), not 10 pips. The amount of pips is simply the total of the batch pips, so per trade it just depends and how many trades were in the batch.
I also don't care about the % or itm rate. Once a batch reaches $300, I close regardless some trades are still in a loss or not.