Hi,
It is an eternal debate where to enter ? after the entry where the SL would be ? %,ATR,SAR ,2nd Support etc.etc.Without money management in place day traders are rare species becoz they extinct fast,i was exactly in the same mind frame " Phas gaya to delivery utha lia",few yrs back .It is better to think in this way that out of 10 trades i am going to loose in 7 ,(go through all the trades Larry made ,in his famous consequtive 3 yrs retainment of world's best trader,you will find he lost in 4 trades out of 10,hence my winning trades can be max 3 nos),now if i take 1/ risk i loose 7/=(keep aside brokerage etc)hence my reward has to be 2.50, becoz 2.50*3(the no of winning trade)=7.50.This is just to keep me afloat,that is the reason why we never cut our winning trades (above that 2.50) but trail it with SL.So it is better to accept that my winning streak as a trader is max 30%,hence i will never enter those trades where reward is limited to max 3/= vis a vis my risk of 1/=.Better to cite an example : Colgate's chart wath the next Fib
level (expected resistance) & think where will we have to place our SL,no worth taking this ,rather if the next Fib level is taken conclusively it is prudent to enter with that Fib level as SL.
Asish