Decide your targets and stop losses for a day
Whats up today I have the topic for you to discuss and that topic is to deciding your Targets of profits and targets of stop loss i.e your daily range in which it’s advisable to trade for the trader.
What we need
We need a chart of particular stock or currency or Indices in any corner of the world just take a chart of that then with the help of some minute mathematics which I will probably not discussing in this article and it’s not necessary too. with the help of previous candles or bars just you have to do is take previous highs and Low of that candles at least 7 candles add all of them take their average, means divide all 7 added high and low divide it by 7 and here you will your daily range of that particular instrument.
What Next after Calculating Daily Range
After calculation divides it by 2 and marks one portion above the closing price of the previous day and closing of below previous day.One of them will be your stop loss and one of them will be your Target through which you are going to earn.
Deciding Stop Loss over daily range
After you get now it’s time to enter the market and start your trade with this calculation,
Suppose#EURUSD moves 100 pips daily then here your stop loss will be 10-20% i.e 20 pips stop loss you could place there but prior to place stop loss, you must know how to enter in the market by having the stop loss and take profit.Next, we will see it.
How to Enter In the Trade and set Take Profit
At the time of writing this post, I am lacking to place the links because chart formation of the previous day on at least 1 Hr chart we have to see .and all that I will keep updating this blog. But for now, you have to do it by your own i.e see the chart formation of the previous day.
Next by having some Idea on trend of that instrument you need to decide direction and just enter that trade SEE THE CHART