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How To Exit???

  • #1
  • First Post: Edited Jun 10, 2008 12:59pm Feb 4, 2008 11:03pm | Edited Jun 10, 2008 12:59pm
Hi All!!!
I have observed lot of time's that after getting signals from any system we enter but how to exit....?
I have used different indicator's in past to exit like P-SAR dot's but it's not seem's to me filtering much....
Then i have decided to divide my profit taking targets in to three scales like
TP -1 = +10 Pips
TP -2 = +20 Pips
Tp -3 = +30 Pips
But i have observed lot of times on JPY Pair's exceed's more than +30 Pips Specially G/J & E/J & both are my favourate's....
I need to know some existing strategies...
Thanks...
  • #2
  • Feb 5, 2008 12:35am Feb 5, 2008 12:35am
Hi Umair,

Usually there are 2 ways of exiting the trade ( in my opinion). the 1st.using the system/method.a complete system consist of enter and exiting the trade..if not it's not a system/method.i.e:on system that based on ma cross..u can exit the trade when the ma re cross again.or another if u using rsi indicator..u can pay attention to level 20% or 80%.it's an important area.

the second way of exiting the trade can be done by learning candle pattern.for example to enter the market using the pinbar there is a way to trade so.when u want to enter..u need the price at least to confirm it ( break the highest/lowest of that pinbar candle.and u can put ur stoploss on the nose of the pinbar.

Actually that's the theory.Need a good skill to enter/exit a trade.U can combine the two ways above.and action like that is the thing that make u maybe different from another.If u just follow the theory..it wont work for a long time.Hope it helps

Quoting Umairs2004
Hi All!!!
I have observed lot of time's that after getting signals from any system we enter but how to exit....?
I have used different indicator's in past to exit like P-SAR dot's but it's not seem's to me filtering much....
Then i have decided to divide my profit taking targets in to three scales like
TP -1 = +10 Pips
TP -2 = +20 Pips
Tp -3 = +30 Pips
But i have observed lot of times on JPY Pair's exceed's more than +30 Pips Specially G/J & E/J & both are my favourate's....
I need to know some existing strategies...
Thanks...
  • #3
  • Feb 5, 2008 12:39am Feb 5, 2008 12:39am
Oh im forgot to mention that yen pair usually is the most volatile pairs.So putting sl about 10-30 pips will need a very good art of trading.most of trader put their sl about 50 or more. and to add my post before..i find it some trader use the fibo or support and ressistant to enter or exit their trade..but the point is..u need to combine it with other method.Cheers
  • #4
  • Feb 5, 2008 3:40am Feb 5, 2008 3:40am
I use scaling alot. Enter with 4 lots close first 3 each 25 pips and let the otherone trail. When you get the feeling that the market is slow you could also close 50-75% after xx pips and let the last trail with Stop at BE.
Once you have created a feeling for the market you scaling will get better.
Watch out for S/R.
  • #5
  • Feb 5, 2008 4:13am Feb 5, 2008 4:13am
Quoting parlenk
Hi Umair,

Usually there are 2 ways of exiting the trade ( in my opinion). the 1st.using the system/method.a complete system consist of enter and exiting the trade..if not it's not a system/method.i.e:on system that based on ma cross..u can exit the trade when the ma re cross again.or another if u using rsi indicator..u can pay attention to level 20% or 80%.it's an important area.

the second way of exiting the trade can be done by learning candle pattern.for example to enter the market using the pinbar there is a way to trade so.when u want to enter..u need the price at least to confirm it ( break the highest/lowest of that pinbar candle.and u can put ur stoploss on the nose of the pinbar.

Actually that's the theory.Need a good skill to enter/exit a trade.U can combine the two ways above.and action like that is the thing that make u maybe different from another.If u just follow the theory..it wont work for a long time.Hope it helps
Thanks Parlenk... I think candle stick pattern is the best pattern... to exit ...im working on it...Actually i have my own system through which im trading... im also using trendlines & which are working great for me... i was using P-SAR dots to exit but its not filtering much ....Rsi is is another important indicator as its 20 & 80 level may helps but i preffer candle stick pattern...
Thanks Again...
Some other suggestion's & stratigies from other's are wellcome...
  • #6
  • Edited 7:20am Feb 5, 2008 7:16am | Edited 7:20am
Quoting parlenk
Oh im forgot to mention that yen pair usually is the most volatile pairs.So putting sl about 10-30 pips will need a very good art of trading.most of trader put their sl about 50 or more. and to add my post before..i find it some trader use the fibo or support and ressistant to enter or exit their trade..but the point is..u need to combine it with other method.Cheers
Well i also use SL upto -30 Pips in all the pair's accept GBD/JPY where i put -40 Pips SL ...Now see my today's successfull trade i was 100% Sure about my this trade as My three target profit's successfully achieved but this pair moved down to +59 Pips... I dont trade daily...I only trade when im sure about my success & successfully manage to get good pips....Now see the screenshot carefully there is a doji candle but still this pair moved down for +59 Pips didnt reverse....??? Strange...??? Now wht's ur view's Parlenk About this ...? to Exit...???
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  • #7
  • Feb 5, 2008 7:46am Feb 5, 2008 7:46am
Hi,

Hmm let me try to explain.First, i dont trade 30 min chart..the reason ? just like the picture that u att, even if you find a pinbar and again added by a spinning top (just like ur chart- which mean the signal getting more strength)..that's doesnt mean that the pinbar is a good pinbar.usually i trade from h1 to monthly.And i found that higher time frame more reliable than short time frame.

U did it right by the way about the exit.and again..exiting the trade in profit is still a good one than exiting the trade on the losing side.Just please keep in mind that nothing (sign/signal) is perfect. Good luck on your trade mate

Quoting Umairs2004
Well i also use SL upto -30 Pips in all the pair's accept GBD/JPY where i put -40 Pips SL ...Now see my today's successfull trade i was 100% Sure about my this trade as My three target profit's successfully achieved but this pair moved down to +59 Pips... I dont trade daily...I only trade when im sure about my success & successfully manage to get good pips....Now see the screenshot carefully there is a doji candle but still this pair moved down for +59 Pips didnt reverse....??? Strange...??? Now wht's ur view's Parlenk About this ...? to Exit...???
  • #8
  • Feb 5, 2008 8:02am Feb 5, 2008 8:02am
Quoting parlenk
Hi,

Hmm let me try to explain.First, i dont trade 30 min chart..the reason ? just like the picture that u att, even if you find a pinbar and again added by a spinning top (just like ur chart- which mean the signal getting more strength)..that's doesnt mean that the pinbar is a good pinbar.usually i trade from h1 to monthly.And i found that higher time frame more reliable than short time frame.

U did it right by the way about the exit.and again..exiting the trade in profit is still a good one than exiting the trade on the losing side.Just please keep in mind that nothing (sign/signal) is perfect. Good luck on your trade mate
Thanks ...Your Journal looks very intresting ...candlestick pattren is also available... I,ll study it in detail... I always trade through 30- Mints Time frame coz its working extremely good for me...As getting good Pips...My prediction is based on Weekly/Monthly charts but trades are based on 30- Minutes TF.
Thanks Again...
  • #9
  • Feb 5, 2008 8:11am Feb 5, 2008 8:11am
Hi there,

Thx for the compliment.It's just an educational blog.and yes im in love with candlestick .By the way dont try to predict the market..try to trade it good.it's 2 very different thing.Just my 2 cents.Good luck with your trade mate.


Quoting Umairs2004
Thanks ...Your Journal looks very intresting ...candlestick pattren is also available... I,ll study it in detail... I always trade through 30- Mints Time frame coz its working extremely good for me...As getting good Pips...My prediction is based on Weekly/Monthly charts but trades are basrd on 30- Minutes TF.
Thanks Again...
  • #10
  • Edited 8:32am Feb 5, 2008 8:20am | Edited 8:32am
Quoting parlenk
Hi there,

Thx for the compliment.It's just an educational blog.and yes im in love with candlestick .By the way dont try to predict the market..try to trade it good.it's 2 very different thing.Just my 2 cents.Good luck with your trade mate.
Thanks Parlenk.... You really seems to me candle stick pattren lover so here is an intresting link for you in which candlestick pattren is described in detail take a look may be usefull for you...

http://www.candlesticker.com/Default.asp

Goodluck to you too My friend
  • #11
  • Last Post: Feb 5, 2008 2:08pm Feb 5, 2008 2:08pm
Quoting Linus78
I use scaling alot. Enter with 4 lots close first 3 each 25 pips and let the otherone trail. When you get the feeling that the market is slow you could also close 50-75% after xx pips and let the last trail with Stop at BE.
Once you have created a feeling for the market you scaling will get better.
Watch out for S/R.
Hamm Your scaling strategy to exist is looking good...
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