my bad, I use my fib Projection set up to post a line at 100% and 200%, in with some fib levels. Set your fib tool to include 100 and 200% in with the fibs. Now, refresh on how to anchor properly, then, just focus on proper anchors according to Hoyle, and go back through ten entry triggers that happened after a proper projection setup. Heck, take screenshots on clean charts so your secrets stay safe and then post screenshots here with just the projections. I bet at least 7 of ten hit 100%. Of ten, how many will hit 161%, 200%, etc? First off, plot fib Proj's on that chart you posted above, then9 more. works for you or not, you benefit by discovering which it is. If you decide to Swing Trade - two to ten day hold times, look at this on those. That vid is cued up to the business. It takes only one minute twenty seven seconds to see how to use the 8ema T-Line for exits. not to shabby. Throw that on there too. Kill two birds with one stone in your ten chart test. https://elitetrader.com/et/threads/am-i-holding-my-trades-for-too-long.349004/#post-5183095 Let 'er rip skip.
You can also set an exit based on time. For instance if target is not reached in 3 hours or less (or after X number of bars) exit the trade, win or lose. And again, the optimal parameters for a time-based exit must be revealed by your backtest.
Using a one hour chart to day trade is a little on the long side. 5 & 15 minutes make more sense. Also logically if you are day trading your trade should end trade before start of next trading day (however you determine EOD takes place 500pm, midnight etc). No exceptions.
Absolutely, after years of testing I discovered that nothing beats the 5 to 15 min timeframes as far as day trading is concerned. On the other hand the 1h charts are virtually useless, although some day-traders may use them as a filter only.
Having both day traded and swing traded, if you asked me which method would be more profitable to MASTER - I would say swing trading hands down. Your broker would much prefer you to day trade. Just my opinion, YMMV. I wish everyone good fortune!
day or swings, you decide. you gonna need exits either way. fib prjctn worth a look yet? here's a 4 hour
What Crypto websites do you like? Here's a crypto guy that streams ta etc. https://www.youtube.com/channel/UC60a4msAOcjOWMMvNRyBx2w
got my attention... any exit strats advice? typical hold times? setups you want to toss out here? we understand that mileages Will most def vary, lol. Thanks for Supporting The Site.