TT just 1 query what if the candle goes deep into red below our 6060 levels in the starting itself till what levels 1 should hold on to position until his max loss per trade potential or still wait for closing of candle?
this happens many times that such levels can get broken with big candles so how should a trader adjust?
Dear sir
6060 SL level should be considered for the purpose of being alert to reverse the trade.
If 7 PM is 6065, We should start to watch and sit in front of the system. We should not place the SL order at 6060
If 7.15 PM Crude touches 6000, We should not place the order and we should not book the loss
If 7.30 PM is 6100, Again we no need to watch the market and SL is skipped and the previous position is still hold without booking stop loss
Every 30 minutes, we should watch the stop loss level and market price. That is enough
If it goes below the stop loss more, we should wait patiently for the close of the bar to place the order. There is no way than waiting patiently
Our every entry and exit will be at the time of 30 minutes closing bar only. At other time, We no need to consider and worry about price movements