Thanks Rick.
Yes agreed the target is a guess.
I haven't formed a view yet whether the target should be a bit too conservative or a bit too aggressive. If conservative longer runs can be missed, but if aggressive the price may not get there.
In the end I manually closed the CADJPY trade because it got to within a pip of my target and then put in a shooting star followed by a intent candle against the trade, so I closed it on that signal & took 56 pips profit rather than 100. Was tempted to reverse the trade & go short based on the bearish intent candle (since it is an intent candle moving away from what I picked as a resistance level for my target, and which as you can see on the chart now looks like it would have been the start of a good short basket entry). So just over 100 pips between the 2 trades this morning.
In terms of target setting if anything I think I would prefer to be more aggressive than conservative, my reasoning being if price doesn't reach the target (and shows a reversal signal), I have the following 2 opportunities to close the basket:
- Manually close the basket if price falls to the last entry
- Allow the trailing stop to catch the fall (I have now set it to the lowest low or highest high of the last 10 bars - there is too much noise imo on a M5 chart for it to be set at 5 bars, and 10 bars now seems to be working better)
Cheers, Sharks
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