How many times do you have to adjust your support or resistance levels as the day progresses?Or do you keep them fixed?
How many times do you have to adjust your support or resistance levels as the day progresses?Or do you keep them fixed?
Do not adjust the levels at all times.If you have to do it, they are not well defined.Good levels are respected, they do not change every hour.
Mainly use the daily frame to identify the key levels, but under the 4 -hour and 1 hour graphics to find more precise tickets.I do not usually adjust support or resistance levels during the day unless there is a clear break.The important thing is to be patient and wait for the price to reach those areas.
Exactly, adjusting the levels at all times only leads to confusion.If you define a support or resistance, they should be maintained solid, unless a clear break occurs.
I have tried similar strategies, but I always have doubts about where to place the stop-loss.Any advice on that?
Place your stop just below the support or above the resistance, depending on whether you go long or short.Do not put it too tight or take out any small setback.
Have you tried to use this strategy in volatile markets, such as cryptocurrency, or only in Forex?
Crypts are much more unpredictable.If you use this strategy there, you need to expand your stops and keep in mind that support or resistance levels can be easily broken by volatility.
I put the stop-loss just below the support or above the resistance, depending on whether I am buying or selling.That way, if the price breaks the level, I am out of the operation quickly.Regarding volatile markets, I have tried it in Forex and actions, but not so much in cryptocurrencies.The principle remains the same, although you may need to adjust the size of the positions due to the high volatility of the crypto.
The position size adjustment is crucial in crypts.If you don't adjust for volatility, you could end up risking too much in a single trace.In addition, crypto breaks are usually much more aggressive.