Any Rules will do, just be consistant IMO
Plus I do like the idea of only giving up a percentage of profit once initial gain achieved.
works well for me tomorton,
20% for me is enough if trade in the money and met target.
Another rule of thumb I use, I scalp most of the time, but works anywhere if you dont get excited and watch the charts not your floating PL
last bar high 5 - 10 min charts , any tf really, whatever suits you
approachin R or S, your aware your in a state of hope
ing for more but don"t want less
focus on last bar high on next bar open
if price gives it up more than once = OUT, in other words don"t let it go behind you more than once at target.
if it gives it up then the low
= OUT
any rules you like
JUST make some and take control, sure you will feel more in control whatever you decide and happier
, then you can build on them.
some you will win on some you won"t, but you will not have given back much at target and given the trade a go at getting through R or S with a more consistant approach you can play around with and work on.
Personally I have found you are best just closing on the upbar to R or S, but if it grates you to watch the odd one run on with out you, (does me from time to time
) then you can give the above a try.
20% times 5 =
you do need to research you own method to make it work, or it can easy be just an illusion of gain to get the odd big winner that sort of just balance out the same in the long run.
good luck :clover: