i had just recently been through this technic but i never used it by now and i never knew that it was 90% successful rate so now that i got to know it i will surely give it try than depending on other parameters and signals
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I like to use the lows of the previous 3 candles for the stop loss and 10-50 pips for the take profit depending on how large the time frame for the chart is.
but i still beleive that its always better to have some sort of calculations instead of some random figures. i am not saying that setting a fixed target is wrong, many traders do it that way also. but to have some more accurate target is beneficial. Earlier whaen i used fixed targets, I had my positions closed on a loss many times because the stop loss target was touched first before it went passed my take profit target
Mera stop loss aksar support and resistance level sy thora up hota hy. aur take profit depend krta hy k ma long term position open kr raha hon ya short term. Short term mn TP 20 pips hota hy aur long term main vary krta hy.
You are right that this is very good way of making your targets as 70% of the traders are thinking like that so the price will also move accordingly but you have to keep an eye on the news as well and try to take advantage from the fundamental analysis as well.