keep missing pips! (hit BE) | Forex Factory

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keep missing pips! (hit BE)

  • #1
  • First Post: May 28, 2009 8:25am May 28, 2009 8:25am
Today, i miss hundreds of pips i think....
after entry, i wait till, 10 -15 pips away, then move SL to BE...
and yep it comes back and hit BE...then fly away...

sigh...

im too overprotected i guess...
well some says small profit better than big loss...
- Always pray on your trading - God know the best for everyone
  • #2
  • May 28, 2009 8:57am May 28, 2009 8:57am
10-15 pips can be too little especially if the price is still in consolidation, and it also depends on the pair.

On EURUSD and AUDUSD, I usually wait for the price to have moved 20-25 in profit to set the BE (or a trailing stop of 25). It will also depend on where the price is in relationship to pivots, S/R or fibs and "sweet spots".

It will also depend on which timeframe you are using and what are your goals. If on a TF higher than 5 minutes, even 25 pips can be tight for BE.

Depending on the situation, if BE is hit and goes a little past the previous entry, there's also an opportunity there to re-enter at a better price. Do you pinpoint your entries on a lower timeframe?
  • #3
  • May 28, 2009 9:51am May 28, 2009 9:51am
im on TF 15, entry only if stoch and rsi over,also looked at the trend on h1 and d1. i should try move to BE after 20 pips away i think....

yeah 10 is to short..

thanks for your opinion
- Always pray on your trading - God know the best for everyone
  • #4
  • May 28, 2009 10:10am May 28, 2009 10:10am
I agree with all Doblece suggested, what you could also try is taking half your profit at 10 -15 pips and moving your stop 10 -15 pips behind your entry. You are still stopped out at B/E if price reverses but the trade has a little more room to move.

I try to set my stops so that whatever happens I come out with a minimum of +1 Just makes me feel better .

I carry out a lot of trades this way, after taking initial profit set a realistic target and forget about the trade.
  • #5
  • May 28, 2009 10:15am May 28, 2009 10:15am
Price usually moves back and forth as in a staircase: two or three or four steps forward one or two back if rising, inversely if declining. You can follow its behaviour and see how it always goes back but a little less down on an uptrend, or a little less high in a downtrend.

The round levels and "sweet spots" (20, 33, 66 and 80) are usually places where price bounces back or breaks. Maybe you can find out other levels, truth is that you can see price for example going 5 up 5 down 7 up 5 down etc...

The highest price difference between the sweet spots is 16 pips (66-50) ... so if taken at that level 15 pips and more often 10 pips will be hit (and don't forget the spread).
  • #6
  • May 28, 2009 10:36am May 28, 2009 10:36am
Doblece gives good, sound advice. Price behaves a little differently around certain numbers. Not by a large amount, but certainly enough to foul up a 10 -15 pip stop. If your account won't bear a larger stop, cut your position size. If you widen your stop, I think you'll be pleased with the results.
  • #7
  • May 28, 2009 10:42am May 28, 2009 10:42am
i did it again!
this time because i cant hold the tension...
i entry short at 6002, but i exit at 93....minutes later it drops to 7x....
mental problem... (cause i seen it up to 6015 )

arrrgh...
- Always pray on your trading - God know the best for everyone
  • #8
  • May 28, 2009 11:03am May 28, 2009 11:03am
Quoting kingindian
i did it again!
this time because i cant hold the tension...
i entry short at 6002, but i exit at 93....minutes later it drops to 7x....
mental problem... (cause i seen it up to 6015 )

arrrgh...
Lol, its nothing to do with a mental problem. You just dont have a plan. Only If you have a plan that youve tracked forwards/backwards or both you will know If your trading will be profitable.

PS. It looks like your trying to be psychic, how were you to know that the price would drop another 20+ pips?! Lol
Living the adventure in my head.
  • #9
  • May 28, 2009 11:11am May 28, 2009 11:11am
Quoting Leonlorenzo
Lol, its nothing to do with a mental problem. You just dont have a plan. Only If you have a plan that youve tracked forwards/backwards or both you will know If your trading will be profitable.

PS. It looks like your trying to be psychic, how were you to know that the price would drop another 20+ pips?! Lol
if i show you my entries..its perfect entries for today.
i must learn to exit.
- Always pray on your trading - God know the best for everyone
  • #10
  • May 28, 2009 11:18am May 28, 2009 11:18am
Quoting kingindian
if i show you my entries..its perfect entries for today.
i must learn to exit.
Profitability is a combination of Entry, stop and TP. If you dont know exactly what to do with each then nothing means jack shit.

Living the adventure in my head.
  • #11
  • May 28, 2009 11:22am May 28, 2009 11:22am
Quoting Leonlorenzo
Profitability is a combination of Entry, stop and TP. If you dont know exactly what to do with each then nothing means jack shit.

I agree leon. It happened to me today kingindian. USD JPY. Let it slip away to BE. Ask Man United how they feel. Similar, probably. Only worse.
Gone to a better place
  • #12
  • May 28, 2009 11:25am May 28, 2009 11:25am
Quoting smikester
I agree leon. It happened to me today kingindian. USD JPY. Let it slip away to BE. Ask Man United how they feel. Similar, probably. Only worse.
I had £10 on that game.

Ronaldo's face was pure pain, lol.
Living the adventure in my head.
  • #13
  • May 28, 2009 11:37am May 28, 2009 11:37am
Quoting Wolf.

I try to set my stops so that whatever happens I come out with a minimum of +1 Just makes me feel better .
That's cos you're from Yorkshire.
Gone to a better place
  • #14
  • May 28, 2009 12:18pm May 28, 2009 12:18pm
YES! I Finally got it!
entry at 5884 GB long to 5924!
40 pips....!
i know maybe this is little compare to forex expert...

thanks for all of your suggestion!
- Always pray on your trading - God know the best for everyone
  • #15
  • May 28, 2009 12:24pm May 28, 2009 12:24pm
Stop Loss?
Gone to a better place
  • #16
  • Last Post: May 28, 2009 1:15pm May 28, 2009 1:15pm
Profit-taking is one of those things that gets much better with time, in my opinion. For me, it was just about getting to the next step, the next milestone.

I remember the day I had my first 40 pip winner, I was excited about getting to the next level as it were (had trouble not taking profits around 20)... then it was 80, then it was 200, etc.
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