In football (US style), the "Hail Mary" pass is a pass made when all looks hopeless...the quarterback has nothing else to do with the ball so he/she throws it wildly at any member of the team.
I don't trade all night long...I sleep.
So what should I do with an open position, when I am no longer at the computer?
I suggest a "Hail Mary Take profit." Jacko's system does not use a take profit. He suggests a trailing stop, and let the market take you out. That's what I use when I'm not sleeping (or otherwise unable to check the computer hourly).
But suppose that I put on a Hail Mary Take Profit, having it on only when I'm not able to be trading (sleeping, living).
Setting the Hail Mary Take Profit
Look above (assuming you are long) the current price, perhaps at the next resistance level. Just below that level, you set a take profit. The "Hail Mary Take Profit". Now go to sleep.
Removing the Hail Mary Take Profit
When you are next able to check your trade, if you are still in the market, then remove the "Hail Mary Take Profit", and continue with your trailing stop.
The benefit is that if there is an overnight blow-out -- a price spike -- followed by a retreat, you would have gained more profit than if your trailing stoploss were hit.
Please note that the Hail Mary Take Profit does not preclude your having a trailing stop...you never remove the trailing stop.
Apologies Again
I realize that this is a Jacko trading thread. With these posts, I am simply attempting to tune the system, fixing up a few crumbs.
I might suffer most. I have applied to be a student of Jacko. He might read these posts (I gave him the links to some of them) and come to the conclusion that I am full of beans.
Just a thought. What plan would you use if the Hail Mary would be taking you into uncharted territory?
Lou
