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Very good question. Thanks for it. I am afraid you will find my answer wanting however.
If you had asked my this as little as two weeks ago, I would of said I don't believe in price targets. I like to trail my stop and let the market take me out of a trade.
That is what I would of said then , today it is a bit different. Since I am a client of a particular site, I do not want to say anything about targets. I will give a hint: it is in a least 2 threads in this forum.
Even with that, I still like to simply trail my stop. I move my stop up based on the appearance of WRBs. This method is detailed by Mark in the WRB thread I believe.
By the way, Tom Williams says markets will trend further than one expects them too. So all the more reason to not expect and simply allow the market to do what it wants to do. |
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Actually CW, this post from you explains everything. Since your methods are changing weekly or daily and you need to pay someone to show you how to trade, that's all I need to know.
It's
PAINFULLY OBVIOUS that you are brand new to this. It's ok, you have a lot of learning ahead of you, including how to 'read price action'.
A few here understand when I write that the name of the candle means nothing. To you, this is a deal breaker as evidenced by your reply to me suggesting I open a poll to decide what that candle was called. A very amateur call. An experienced trader will look and say - wow, bullish on high volume, consider going long. That's it. Doesn't matter if you call it a doji, hammer, spinner, lasagna, crocodile hunter, blue moon special, terminator, cannon ball alley or my personal favorite - a reason to go long.
