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let's use this very easy chart. assume i take 3 trades, first one's stop is bottom of the day/chart. second one is the first one's bottom(the higher low), third one is the second one's bottom(the new higher low).
my risk per trade is $100.
so i put in 3 trades and hold them till the end of the day and take profits.
my questions:
1. Does this violate the rule that i should not risk more than $100?
2. should my 2nd and 3rd entry also stop at low of the day? or just the higher low?
2. what's the better way to trade this always in long chart? theoretically, i should buy for any reasons with stop/market/limit orders, but how much? and when to take profits? i know i can take profits at 2xinitial risk.
thanks!
Thanks for the detailed answers @ludopuig! You answered all my questions even though the rest had been made irrelevant after the first one answered.
Happy to help!
What made it a decent swing buy setup in this chart?
See the picture below:
That makes sense! Thanks a lot!
