Thought it be nice to share you how I position my trades at the moment. Most positions i trade i look for a nice little bounce to form an Higher Low in regards to the BTC dump that made everything dip. So the last Low is my target point and my Stop Loss is placed in case a Lower Low is made. So in this example I’m placing my SL below 302 as if it would be making a Lower Low. I position my 5% SL target and then calculate my entry point at 5% about the SL.
As the market sometimes moves suddenly I place a market order of 50$ (just example).. my entry level will be 100$ in this case and then I’ll place my first SL at 3% from entry for half my position (75$). I’m experimenting now with placing another order at 1% below that first SL and I close my whole position at 5% from entry.
The reason for the second entry is simply to catch a wick might it happen. That entry will often be above the former LOW thus creating a Higher Low and my position will still be bigger than started. When it moves up I will still have a decent position. Again – this may not be text-book 3% SL but f* that.. we need to try something new every now and then.