I do not have fixed SL rules. I often use time based stops, as time plays significant role in my trading/entries. Anyway, I was ready to accept stop loss after 15pips, but I would continue to look for another Long entry opportunity on M1/M5 timeframes.
I had pretty good entry (see the screenshot), but my exits are far from optimal. Here I was a bit lucky. ->![]()
in my case the problem is with: 1. not having exact rules for exits 2. psyche impacts exits more than entries
... but it would be so boring if i would be an expert in everything ;-)
maybe others can share how they handle the exits for harmonic trades!
Pivots or swings to place stops. TP at the next reasonable resistance/support or supply/demand zone.
markets move in the path of least resistance.
I do agree ... Pivots are very powerfull
I use the middle line of the TMA Bands for my first exit but most of the time it goes much further and I kick myself for not staying in longer.
Eg today I had as 12 pip stop and exited the Euro at around the 30 pip mark. It then broke through like it had many times before and went for another 40+ pips. In short I use the middle band on the TMA bands 1 hour as my first target.
Take a look how often it hits.
Elliott Wave perspective on EURUSD ->
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[14:32:39] gerard_palma: EJ might be interesting around here : 09.06.2012-13.35.04 - drlobo's library
[14:45:14] gerard_palma: I think I might have made nice entry for EU : 09.06.2012-13.47.30 - drlobo's library