How to find targets in short term swing trade (0-3 days)
How to find targets in short term swing trade (0-3 days)
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PhilipFisher · External communityPost link
External question — Personal Finance Stack Exchange
Author: PhilipFisher
Original post: https://money.stackexchange.com/questions/125768
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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I am learning to trade in trending secondary markets. I am usually able to find support price but I can't find resistance price using the previous data. I typically use S&R in previous data to predict current S&R but it doesn't really work for short-term trades.
If the chart is trending, where do I take profit? If if I do it too sooner, I might only earn half of what I would have got. If I do it too late, I might lose all the profit I could have gained. I just can't decide. I can't be in front of the screen all day long either to exit trade manually. Even if I am in front of screen, I sometime make mistakes because of FUD.
Right now, I use trailing SL. But I am looking for smarter strategies to decide targets in advance.
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