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Usually I would put it 1-2 ticks above/below swing high/low, but sometimes you get retest of the area (complex pull back or ABC wave 2) and you can get spike for a couple ticks that would take you out. If money is no object I would put it 3-5 ticks away from swing high/low.
Could have been more, took a small loss on the third trade when it didn't go straight down like I thought it would. Also did what I consider to be counter trend trades today. All those were small targets as I didn't want to be in them long.
I had a tough time reading PA today. It was a narrow range day to start with, my trading method doesnt work super well on days like this and so I had a mental block going in that it would be hard to trade.
I netted 22 ticks on 8 trades. To many to be sure. And I think I tried hard to manufacture trades where none existed. I decided to call it quits at +22 and preserve my capital for a better day.
You'll notice my chart has only one MA on it now. Its a 21EMA. I've tried all sorts of MA's over the last few years and have come to the conclusion it doesn't really matter which ones you use. Simpler is better especially on narrow range days. Just read price action, and be ready to get out if you are wrong. That being said, I still need something like an MA for context. Still not good enough for just straight price bars. In the future, I may put MA's back on and take them off. Whatever suits my mood at the time I guess. I like the cleaner chart though. Makes it easy to see whats going on.
Here is the chart with all the MA's.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Have you ever tried line chart? I am sure you have. I have a chart on forex where I have a line chart and then a 1EMA for high and 1EMA for low but those are small.
