Method question

[msk185]

Hi

I was wondering what the recommendation is with regard to trading when other levels like the 5, 15 or 60 are close by and how close is close?

I know that if the 5 min level is close, say less than 4-5 pips then I should set my order below/ above the 5 min level, but wht if the level is say 7or 8 pips away, is this a trade worth taking or should we wait for the level to be broken?

I ask as I feel I am taking a lot of losses when price is reversing off one of these levels.

Thanks

Mike

[immy]

Hi

I was wondering what the recommendation is with regard to trading when other levels like the 5, 15 or 60 are close by and how close is close?

I know that if the 5 min level is close, say less than 4-5 pips then I should set my order below/ above the 5 min level, but wht if the level is say 7or 8 pips away, is this a trade worth taking or should we wait for the level to be broken?

I ask as I feel I am taking a lot of losses when price is reversing off one of these levels.

Thanks

Mike

I think I answered this question inadvertently in your journal during the time you were writing it here. The Universe is All United! we transmit onto others what we think about, indeed.

cheers

[msk185]

Hi Immy

Yes you did thanks there was 7 pips between the levels but less than 5 with spread, Grant also highlighted it with some of the trades he filtered on his check sheet that he kindly posted on his journal today.

As you say I put the question out into the universe and the answers have come back.

Thanks

Mike