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Hey traders, Why is it always 1 pip above a high for stop order entries? Recently in forex EURUSD it is noticed that the average size of a bar in 5 min is about 2-3pips, and entering above 1 pip from the high, the market has to go 4-3pips for me to reach my take profit which seems like a lot and not happening that much.
I have read some previous forum post on minimum scalps on forex and Al brooks target of 10pips for minimum scalp is lot and rarely achieved on the 5min timeframe since the average day's range has also decreased a lot and is about 60 pips a day in EURUSD.
So, can we change the stop entries a little bit? like 10% of the total scalp to be the entry?(if 2pips is take profit, then entry above 0.2 pips from signal bar's high) or should I trade a timeframe where 10 pip is half the size of an average bar?(for EURUSD its 4 hour)
Any kind of input relating to this topic is appreciated, thank you.
A pip in forex is the minimum size price change or 0.0001. Placing the stop entry order above the signal bar serves to let you enter when the market goes in the direction of the desired trade. If the bars are too small, then you need to move to a higher time frame or a different market.
Thank you very much for your answer Mr. Andrew Stanton.
