First I look at the daily chart to find opportunities such us trend reversal or momentum breakout. I decide to buy or sell based on the daily chart.
When the decision is made, I use the hourly chart to time the execution of my decision. I place a market stop loss to protect my capital when I am wrong with my decision.
Then I monitor from time to time to move my market stop loss to protect my profit. I use 15min chart to do this to place accurately my stop loss.
11:35 PM: Just came back from Church and found my position stopped out of my position and realizing a profit of 18 from the 5,000 units I bought.
I open another position buy buying 10,000 units at 1.43732 and set my market stop loss at 1.43470 which is the support line defined by the lowest low of the previous bounce.
I wanted to explore the use of take profit stop so I open another position of buying 9000 units. The take profit target is shown by the green touching the two peaks which are thought as resistance line. Take a look at the graph below.http://www.bloomberg.com
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