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05-13-2009, 12:01 PM
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DailyFX Power Course Instructor
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Active Trader Market Depth Imbalance 10 pip trade
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Gregory McLeod moderates the Trend of the Day thread as well as the Short Term Strategies Using Market Depth.
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05-18-2009, 02:25 PM
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Good exit strategy
been backtestin an entry strategy on 5min and 1min charts. but my major problem is a good exit strategy that takes the maximum pips out of the trade.
i tried the pivots but most times the market only retraces and zooms pass the pivot, R n S. tried the 00, 25, 50 n 75. not so effective.
i have a feeling a good price action can do the job but it has been elusive so far.
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05-18-2009, 05:07 PM
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Quote:
Originally Posted by GADGET MAN
been backtestin an entry strategy on 5min and 1min charts. but my major problem is a good exit strategy that takes the maximum pips out of the trade.
i tried the pivots but most times the market only retraces and zooms pass the pivot, R n S. tried the 00, 25, 50 n 75. not so effective.
i have a feeling a good price action can do the job but it has been elusive so far.
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How about trail your stop based on the 1 min chart. |
05-19-2009, 03:18 PM
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Quote:
Originally Posted by 4xis2ez
How about trail your stop based on the 1 min chart.
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trail stop is a no no for me, doesn't stand a chance |
05-19-2009, 06:02 PM
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Quote:
Originally Posted by GADGET MAN
trail stop is a no no for me, doesn't stand a chance
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Moving average cross to close by maybe. |
05-19-2009, 06:06 PM
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Quote:
Originally Posted by GADGET MAN
trail stop is a no no for me, doesn't stand a chance
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Do you even use a stop? |
05-20-2009, 02:55 AM
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Quote:
Originally Posted by 4xis2ez
Do you even use a stop?
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moving averages dont work either, i definitely use a stop |
05-20-2009, 07:55 AM
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Quote:
Originally Posted by GADGET MAN
moving averages dont work either, i definitely use a stop
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If you have a way of buying right at the bottom and exit right at the top every time, you would be the best trader in the world. Sounds like you want the impossible. Be satisfied with a decent gain and exit. Greed is a problem.
If someone enters and exits at the extremes of a swing, they are very fortunate and you should not expect to do this every trade. |
05-20-2009, 08:46 AM
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Quote:
Originally Posted by 4xis2ez
If you have a way of buying right at the bottom and exit right at the top every time, you would be the best trader in the world. Sounds like you want the impossible. Be satisfied with a decent gain and exit. Greed is a problem.
If someone enters and exits at the extremes of a swing, they are very fortunate and you should not expect to do this every trade.
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i do not think its impossible, there has to be something, a sign..whatever it is called...i sure want to be fortunate ALL THA TIME...LOL
exit after 20pips n the market makes another 100 or more, that's embarrasing!! i want2 ride it all the way...elliot wave counting in 1min can be dificult. |
05-20-2009, 12:45 PM
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Quote:
Originally Posted by GADGET MAN
i do not think its impossible, there has to be something, a sign..whatever it is called...i sure want to be fortunate ALL THA TIME...LOL
exit after 20pips n the market makes another 100 or more, that's embarrasing!! i want2 ride it all the way...elliot wave counting in 1min can be dificult.
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I'll tell you whats more embarrassing, is letting trade run, you move your stop to break even, it goes 100 pips into profit and turns around and stops you at break even. You would be better off taking profit at 20 pips.
A sign? Sounds Biblical. Perhaps you need to add prayer, or use astrology!!  |
05-20-2009, 01:01 PM
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I trade eurusd on the 1 minute chart. I did one trade today. Got +12 pips. After I exit the market goes up another 20 pips or so. Yesterday, I did a short trade. Eurusd went about 8 pips into profit for me and I took it. Right after taking profit the market reversed and moved quickly higher. If I waited on that trade, it would have been break even or perhaps a loss. I did not know what the market would do after I exited, and neither does anybody else. But I was happy that I took profit were I did on both trades, because I made money on them.
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05-20-2009, 01:15 PM
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Here's 2 trades yesterday. The +8 pip one I referred to in my previous post and another one later in the day. On the 8 pip one, I don't know, I just exited because it moved down fast and I had pips in less than one minute. It then rallied back quickly after exit. The other trade moved into profit about 12 pips and I took it. Good thing because if I moved my stop to break even then it would have been stopped there. My point is that nobody knows what the market will do next. I was fortunate on those exits, but if I attempted to get maximum pips, I would have been break even or a loser yesterday.
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05-20-2009, 01:21 PM
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Quote:
Originally Posted by 4xis2ez
I'll tell you whats more embarrassing, is letting trade run, you move your stop to break even, it goes 100 pips into profit and turns around and stops you at break even. You would be better off taking profit at 20 pips.
A sign? Sounds Biblical. Perhaps you need to add prayer, or use astrology!! |
get ur point, both of us are saying same thing. LOL...a sign from forex technical tools of course.. |
05-20-2009, 01:28 PM
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Quote:
Originally Posted by 4xis2ez
Here's 2 trades yesterday. The +8 pip one I referred to in my previous post and another one later in the day. On the 8 pip one, I don't know, I just exited because it moved down fast and I had pips in less than one minute. It then rallied back quickly after exit. The other trade moved into profit about 12 pips and I took it. Good thing because if I moved my stop to break even then it would have been stopped there. My point is that nobody knows what the market will do next. I was fortunate on those exits, but if I attempted to get maximum pips, I would have been break even or a loser yesterday.
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doesn't that depend on the lot size u ar trading, i trade microlot, 10k though, 8 + 12 would've been $20 for the whole day? am willing to risk more to get more, wochu think? |
05-23-2009, 12:14 PM
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Quote:
Originally Posted by GADGET MAN
been backtestin an entry strategy on 5min and 1min charts. but my major problem is a good exit strategy that takes the maximum pips out of the trade.
i tried the pivots but most times the market only retraces and zooms pass the pivot, R n S. tried the 00, 25, 50 n 75. not so effective.
i have a feeling a good price action can do the job but it has been elusive so far.
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Try using bollinger bands, and sma20. Take off half your order reaching opposite bollinger band on 1 min chart and the other half when it reaches sma on 5 min chart. |
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