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Trading Made Simple(r)

  • #4,301
  • Oct 15, 2019 4:19pm Oct 15, 2019 4:19pm
Quoting monty20
Hey guys I’m just curious of what some your guys exit strategies are? I know RH posted a few good ones but what are some of your exits as far as taking profit? Do you guys do it by a percentage or how many pips or like double SL or something else? Thanks
I aim for 2R but am wary of any SR areas nearby. Breakeven soon as I can and trail stop after that till I hit 2R or get stopped out
Just recently my TP has been -1R so I am studying a bit more.
  • #4,302
  • Oct 15, 2019 4:28pm Oct 15, 2019 4:28pm
Quoting DrDave
{quote} I normally target either 5 or 10 pips, depending on the conditions. Sometimes I let one order run for a while, but not often.
I’ve thought about trying that because on a big percentage of my trades I have noticed that at some point during that trade that I’m usually up at least 10 pips before it heads against me and eventually hits my stop loss. My only concern with that was from some of the things I’ve read they say that your take profit should be 2 to 3 times as your stop loss. And my stop loss is always at least 20 pips or more by going back 2 bars so that’s saying that i should wait till I hit 40-60 pips before I take profit? Which doesn’t happen that often
  • #4,303
  • Oct 15, 2019 4:35pm Oct 15, 2019 4:35pm
Quoting 40PipsAlan
{quote} I aim for 2R but am wary of any SR areas nearby. Breakeven soon as I can and trail stop after that till I hit 2R or get stopped out Just recently my TP has been -1R so I am studying a bit more.
Hey Alan, I know I’ve seen the R values posted on here somewhere but do you care to explain them again? And if I remember correctly you use the indicator or an EA to get these numbers right?
  • #4,304
  • Oct 15, 2019 8:06pm Oct 15, 2019 8:06pm
Quoting monty20
{quote} Hey Alan, I know I’ve seen the R values posted on here somewhere but do you care to explain them again? And if I remember correctly you use the indicator or an EA to get these numbers right?
I just found it where you shared it with me in post 3784
  • #4,305
  • Oct 16, 2019 3:02am Oct 16, 2019 3:02am
Quoting monty20
{quote} I just found it where you shared it with me in post 3784
1R is entry price to your SL (you can make it whatever money you wish using swingmans RR calculator) I always make this the same amount for each trade as it makes the weekly winrate easier to work out in R value. My target per week is currently anything above 1R profit but struggling at the moment to achieve this hence more reading and studying.
Drag the RR calculator points to where you want them and it will tell you your lotsize for that trade amount.
Set your TP at twice your SL and the theory is that if you do 100 trades with a 50% winrate then 50 of those trades will provide 100R and the other 50 will make a 50R loss leaving you with 50R profit.
I guess my winrate is a lot lower than that then if I am at breakeven on the account total.
  • #4,306
  • Oct 16, 2019 5:50pm Oct 16, 2019 5:50pm
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Can anyone explain to me these numbers for this trailing stop EA? Say I want it to start trailing once I get to +10 pips and then have a 5 pip trailing stop on it. for example if I got +10 pips and then it went back down to +5 pips it would close out the trade for me at +5 or if it went up to +15 and fell back to +10 it would close it out at +10. Just not sure what to change to make that happen. Im sure its simple but I just want to make sure I do it right and that it has that capability. Thanks guys
  • #4,307
  • Oct 16, 2019 5:54pm Oct 16, 2019 5:54pm
Quoting DrDave
{quote} I copied your screen capture to use. You did not say where you placed the SL, but I would put it at the white horizontal line. You can see that the next to last bar had a long top wick, indicating rejection at that level. Then looking left, you can see how many other bars stopped at that level. Therefore, if a down swing is underway, then it is highly unlikely that price would get past this level. So your entry was about 110 pips to that SL. And The swing high to your entry price was already about 100 pips. That bar with the long top wick...
Great Analysis, very clear. Thank you
  • #4,308
  • Edited 11:14pm Oct 16, 2019 10:57pm | Edited 11:14pm
[quote=DrDave;12559810]{quote} I copied your screen capture to use. You did not say where you placed the SL,

Hi guys,
fwiw, I submit a point to consider, which works well, especially when using stochastics,

Buy from Oversold and Sell from Overbought levels.

When I looked at your Daily charts and the Stocs settings, compared to mine, the 15th suggested my values were approx 20%, which did not leave much room for a continuation of the short trade, experiment with different values an see what you come up with..

Kind regards
  • #4,309
  • Oct 16, 2019 11:21pm Oct 16, 2019 11:21pm
Advancing...Thank You All,, especially to RH,Emmanuel and The Spoof
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"Great Men are not born great, They Grow Great."
  • #4,310
  • Oct 17, 2019 2:01am Oct 17, 2019 2:01am
Quoting MyProfit
Advancing...Thank You All,, especially to RH,Emmanuel and The Spoof {image}
Hi can we have some more detail please of what we are looking at?
Maybe post the indi's if they are any good.
  • #4,311
  • Oct 17, 2019 2:19am Oct 17, 2019 2:19am
Quoting monty20
{image} Can anyone explain to me these numbers for this trailing stop EA? Say I want it to start trailing once I get to +10 pips and then have a 5 pip trailing stop on it. for example if I got +10 pips and then it went back down to +5 pips it would close out the trade for me at +5 or if it went up to +15 and fell back to +10 it would close it out at +10. Just not sure what to change to make that happen. Im sure its simple but I just want to make sure I do it right and that it has that capability. Thanks guys
Sure can Monty.
Breakeven trigger pips is the lockin profits point and the breakeven pips is to allow for the spread on the currency pair(2-3 pips mostly)
After that point the trailing stop pips comes into play.
The biggest problem you will have with those small numbers is getting stopped out too early and not letting the trade breath enough (take a look at the craig harris natural flow video where a pair moves in waves of 30-40 pips). Then there is the daily range of the pair you are trading to take into account, some are big movers-150 pips so 10 pips trailing is probably not big enough.
I am sure DrDave can explain the natural flow better than I can.
  • #4,312
  • Oct 17, 2019 2:22am Oct 17, 2019 2:22am
Quoting 40PipsAlan
{quote} Sure can Monty. Breakeven trigger pips is the lockin profits point and the breakeven pips is to allow for the spread on the currency pair(2-3 pips mostly) After that point the trailing stop pips comes into play. The biggest problem you will have with those small numbers is getting stopped out too early and not letting the trade breath enough (take a look at the craig harris natural flow video where a pair moves in waves of 30-40 pips). Then there is the daily range of the pair you are trading to take into account, some are big movers-150...
Very well said why apply the same risk to reward policy to all assets when really they all behave independent of one another. Looking at the ADR% and working out your TP one can learn the maximum adverse excursion and use this to their benefit when placing trades.
The more you learn, the more you see
  • #4,313
  • Oct 17, 2019 2:31am Oct 17, 2019 2:31am
Hello Traders.... Potential continuation Trade forming on USDJPY, may be one to monitor.

I have my Buy set for 109.08. There is a Resistance zone(109.03) to take note of.... So I intend to open once I confirm we are passed it!!!

Point to consider: your money is your ammo, so use your bullets wisely I prefer to let price clear a level than to jump in early (then watch a reversal for a few hours) and tie up equity that could be earning you elsewhere. Food for thought!

TP1 109.43 ------> TP2 109.71 -----> TP3 110.12

Happy Trading.
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The more you learn, the more you see
  • #4,314
  • Oct 17, 2019 2:49am Oct 17, 2019 2:49am
Quoting Marcusv007
Hello Traders.... Potential continuation Trade forming on USDJPY, may be one to monitor. I have my Buy set for 109.08. There is a Resistance zone(109.03) to take note of.... So I intend to open once I confirm we are passed it!!! Point to consider: your money is your ammo, so use your bullets wisely I prefer to let price clear a level than to jump in early (then watch a reversal for a few hours) and tie up equity that could be earning you elsewhere. Food for thought! TP1 109.43 ------> TP2 109.71 -----> TP3 110.12 Happy Trading. {image}
Another point to watch out for. Red news at 1.30pm
That 109 level looks to be strong resistance so might be a reversal.
  • #4,315
  • Oct 17, 2019 2:54am Oct 17, 2019 2:54am
Quoting Marcusv007
Hello Traders.... Potential continuation Trade forming on USDJPY, may be one to monitor. I have my Buy set for 109.08. There is a Resistance zone(109.03) to take note of.... So I intend to open once I confirm we are passed it!!! Point to consider: your money is your ammo, so use your bullets wisely I prefer to let price clear a level than to jump in early (then watch a reversal for a few hours) and tie up equity that could be earning you elsewhere. Food for thought! TP1 109.43 ------> TP2 109.71 -----> TP3 110.12 Happy Trading. {image}
Although long term I have up bias for USDJPY, I see it as overdue to drop currently. But with the wild swings these days on many instruments, anything can happen.
To free Gazans of Hamas, use whatever it takes.
  • #4,316
  • Oct 17, 2019 3:32am Oct 17, 2019 3:32am
Quoting DrDave
{quote} Although long term I have up bias for USDJPY, I see it as overdue to drop currently. But with the wild swings these days on many instruments, anything can happen.
You be the judge...
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To free Gazans of Hamas, use whatever it takes.
  • #4,317
  • Oct 17, 2019 3:49am Oct 17, 2019 3:49am
Quoting DrDave
{quote} Although long term I have up bias for USDJPY, I see it as overdue to drop currently. But with the wild swings these days on many instruments, anything can happen.
And just a few minutes later, huge engulfing up bar.

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To free Gazans of Hamas, use whatever it takes.
  • #4,318
  • Oct 17, 2019 6:04am Oct 17, 2019 6:04am
Good day
After sometime following this thread I decided to give it a try and started trading the startegy last week thursday. Trading H1 and H4 and taking profits between 10-30pips per entry. I am impressed with the result and took the live account from less than $15 to over $88

Big Thanks to everyone that has contributed to the thread and a big one to Robin, thanks. Must admit it works much better on H4 upwards but I am impatient so I was also on H1. Discipline is the key and trusting what you doing. Yes there will be losses but you learning along the way.

Thank you. below is proof
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  • #4,319
  • Oct 17, 2019 6:09am Oct 17, 2019 6:09am
Account from $15
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  • #4,320
  • Oct 17, 2019 7:39am Oct 17, 2019 7:39am
Quoting zamile
Account from $15 {image}
Great Job! Keep it up.
Always a Student, Never a Master - Emulate What Works
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