First, many thanks to Paulus and TudorGirl for their efforts - Paulus, I know you from way back with your ER2 blogs - been awhile!
Regarding exits, TPs, SLs, etc, I do believe that the determination needs to be made as to whether we are looking at scalping or trend/longer term trades.
If the "system", or individual trader, is focused on scalping, I personally have NEVER found an indicator other than S/R, on price or indicators, that is effective in determining targets. It is simply to fast, and too much is given back. A 1min time frame, with an up move of 5 candles, and by the time any indicator begins to show weakeness or turn, you are 4 candles back in the other direction. I do not see indicators as the answer here.
I think Horrigan has the right idea, with predetermined TPs based on the pair being traded. Can you hold past that? Of course, we all have when a pair just takes off like a bat out of hell, and our 10pt scalp turns into 80 in a few mins. BUT.... discretion is not a system, and it seems that is the focus now - a set of rules that can be applied consistently.
For longer term, I will have to defer that. The close below the TM line is certainly one way to go, but maybe we just have to rely on good old fashioned TA for determining weakness. That is the nature of the beast with long term or "position" trading - you will give some back for the sake of letting a position breathe. But, 1100 pips vs 1300 pips? TG has expressed her intelligence (for the 100th time) in not worrying over 200 pips after a move like that. In short, just great trading on her part.
Regarding exits, TPs, SLs, etc, I do believe that the determination needs to be made as to whether we are looking at scalping or trend/longer term trades.
If the "system", or individual trader, is focused on scalping, I personally have NEVER found an indicator other than S/R, on price or indicators, that is effective in determining targets. It is simply to fast, and too much is given back. A 1min time frame, with an up move of 5 candles, and by the time any indicator begins to show weakeness or turn, you are 4 candles back in the other direction. I do not see indicators as the answer here.
I think Horrigan has the right idea, with predetermined TPs based on the pair being traded. Can you hold past that? Of course, we all have when a pair just takes off like a bat out of hell, and our 10pt scalp turns into 80 in a few mins. BUT.... discretion is not a system, and it seems that is the focus now - a set of rules that can be applied consistently.
For longer term, I will have to defer that. The close below the TM line is certainly one way to go, but maybe we just have to rely on good old fashioned TA for determining weakness. That is the nature of the beast with long term or "position" trading - you will give some back for the sake of letting a position breathe. But, 1100 pips vs 1300 pips? TG has expressed her intelligence (for the 100th time) in not worrying over 200 pips after a move like that. In short, just great trading on her part.