{quote} Hi PHX62, Can you share me how you manager trade after you enter the market? I'm struggling with exit point and very uncomfortable with it?? Here is some trades I take this week. I think there will be good result if I managed trade better. Hope you will give me some advise... Thank you! {image}
I have attached my chart with the trades I took during the same period as the chart you posted. The first thing I see is you did fine on the first two trades of the week. The third trade that you entered was prior to the London open. If you had waited for the LO, market volume would have gotten you 50 pips with less than 10 pips drawdown. Until you are comfortable with trading the Asian session, I would suggest you stick to the London session....there is much more market movement during London. Your long entry at LO was early. At LO, price was in a downtrend beginning from the blue pullback candle where your trendline starts. The TDI green had crossed below the red and was about to cross the yellow and the 50 line. I only looked for a short there, once price established a high in the first couple of hours of London. Most of the time, price will establish a high or low within the first two or three hours of London and then move 3 to 10 candles in one direction, with occasional retracements. Your first BE trade was taken very late and actually should have been taken three candles earlier at the cross of the TDI. Timing entries is critical to determining where exits are taken. You have to be like a sniper and when you get a good entry signal, pull the trigger. If you are late with the entry, many times you end up with a BE or losing trade.
As Lastingwell explained, when I open a trade, the EA automatically sets the TP & SL to what I have set.....my default is 50 pips on each (the SL is just an emergency SL). I then adjust both the TP & SL as the trade progresses. Once I am in 21 pips, the EA moves the SL to BE but if I am monitoring the trade, I watch for long pullbacks. The more I am in profit, the tighter I keep the SL. As you can see on the 78 pip trade on my chart, once price pulled back 10 to 15 pips, I could see that the downtrend was probably exhausted, so I exited manually. I also knew that many times, the LO candle will reverse or retrace on the trend. I did not re-enter after LO because of the big move made during the Asian. Usually, London will consolidate when there has been a big move during the Asian. Once you incorporate the things you learn into your trade plan, it becomes second nature to act on them.....keep learning and testing. You will get it!
http://www.forexfactory.com/attachment.php?attachmentid=1286097&stc=1&thumb=1&d=1380774347
Hope to learn and trade like you one day!
