What Is Your Best Exit Strategy?.... | Forex Factory

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What Is Your Best Exit Strategy?....

  • #1
  • First Post: Edited Jul 20, 2010 3:24am Jul 19, 2010 10:10am | Edited Jul 20, 2010 3:24am
What is your best exit strategy....?

Just brainstorming as this is prob the area I suck most at. I've never been one to exit a bit here and there its usually all in and all out, and if anything I like to chuk more on. Would love to hear your ideas...

Please don't turn this into a debate, no ones wrong here... Just want plain straight shooter ideas on trade TP and SL management from anyone.

Thanks
Time hides Nothing
  • #2
  • Jul 19, 2010 10:18am Jul 19, 2010 10:18am
average daily/weekly range
  • #3
  • Jul 19, 2010 10:18am Jul 19, 2010 10:18am
no tp (prefer to let the market take me out of a trade), move sl bar by bar mostly behind pinbar like bar or narrow range bar, tightening stops if momentum stars to fade or approaching s/r

about losing trades, usually fixed stop loss for intraday trading (never get out first, always waiting for the sl to be hit), and variable for swing trading (highs, lows, s/r, etc.)
  • #4
  • Jul 19, 2010 10:20am Jul 19, 2010 10:20am
Quoting CindyXXXX
What is your best exit strategy....?

Just brainstorming as this is prob the area I suck most at. I've never been one to exit a bit here and there its usually all in and all out, and if anything I like to chuk more on. Would love to hear your ideas...

Please don't turn this into a debate, no ones wrong here... Just want plain straight shooter ideas on trade TP and SL management from anyone.

Thanks

Whenever your trade turns into an entry in the other direction or enters a range, but not every range warrants an exit unless it breaks in the opposite direction of your original trade.

By all means manage your trade using either 33-33-33 or 50-50, but don't cover it unless it warrants it.

So don't close your trade entirely unless you would enter in the opposite direction or unless the PA enters a range where you normally would not enter in either direction, all news not withstanding.
  • #5
  • Jul 19, 2010 10:50am Jul 19, 2010 10:50am
i usually close

30% at 1.5 : 1
50% at 3 : 1
20% at infinite
uhhhhhhhh........
  • #6
  • Jul 19, 2010 12:19pm Jul 19, 2010 12:19pm
many methods ,

something im testing now is closing a trade when 2 candles go against me .
  • #7
  • Jul 19, 2010 12:34pm Jul 19, 2010 12:34pm
Quoting CindyXXXX
What is your best exit strategy....?
toy car wired with plastic explosives and truck with t4 plating welded onto it.
  • #8
  • Jul 19, 2010 3:02pm Jul 19, 2010 3:02pm
next POC (point of control)
  • #9
  • Jul 19, 2010 3:10pm Jul 19, 2010 3:10pm
i close half position leave stop where it is let the other half go till next daily candle if it makes it that far i trail my stop with the 20 sma till im stopped out

regards damien
i pull the trigger when others are fearful---me
  • #10
  • Jul 19, 2010 3:27pm Jul 19, 2010 3:27pm
1. Avarage daily/weekly/monthly range, also end of the day for intra-day signals (optional).
2. Other technical levels.
3. Meaured objective targets.
  • #11
  • Jul 19, 2010 3:38pm Jul 19, 2010 3:38pm
Quoting hilmy83
next POC (point of control)
Hi hilmy
Sorry, a newbie here.
What is "POC?"
If you may, a picture will give better understanding.
Thx.



Quoting belekas
1. Avarage daily/weekly/monthly range, also end of the day for intra-day signals (optional).
2. Other technical levels.
3. Meaured objective targets.
Hi belekas
Pls. share with pictures on no. 2 and 3.
Thx for your time.


tpat
  • #12
  • Jul 19, 2010 3:48pm Jul 19, 2010 3:48pm
Quoting tradpat

Hi belekas
Pls. share with pictures on no. 2 and 3.
Thx for your time.


tpat
2. S/R.
3. Measured pattern profit outcome.

Sorry, but no time to draw pictures. You should dig a little and I'm sure you will find everything you need.

Regards.
  • #13
  • Jul 19, 2010 8:03pm Jul 19, 2010 8:03pm
Quoting tradpat
Hi hilmy
Sorry, a newbie here.
What is "POC?"
If you may, a picture will give better understanding.
Thx.



tpat
POC= point of control. See
http://www.earnforex.com/forex-e-boo...ile_Basics.pdf

by the way this term is not entirely accurate for forex since volume is unknown. BUt imo price congestion as shown in POC suggests hightened trader activity at that zone. These zones act as magnet so I try to 'anticipate' which zones will get touched. So I used confluence of POC. It works, but not all the time.

ex:
Attached Image (click to enlarge)
Click to Enlarge Name: martingalia.JPG Size: 171 KB
  • #14
  • Edited 9:50pm Jul 19, 2010 9:03pm | Edited 9:50pm
Quoting domino
toy car wired with plastic explosives and truck with t4 plating welded onto it.
lol - I like it its just a shame I don't know wtf you're talking about -



Quoting bdcurrie
i usually close

30% at 1.5 : 1
50% at 3 : 1
20% at infinite
I Like this... if you caught a long term trend your 20% would snowball pretty quickly. But what about all the other times your 20% goes to shite? 80% of the time if I'm not mistaken (the time the markets ranging) hmm need to do some heavy math on your equation... Will get back to this




Quoting cloggie
Whenever your trade turns into an entry in the other direction or enters a range, but not every range warrants an exit unless it breaks in the opposite direction of your original trade.

By all means manage your trade using either 33-33-33 or 50-50, but don't cover it unless it warrants it.
.
This is the what I actually ususally intend to do before I sit down to trade. Just find that I'm not good at sticking to it. It can take hours for the trade to turn around and make a signal in the opposite direction and I coulda been out with more profit without having to wait that long



Quoting damosdmf
i close half position leave stop where it is let the other half go till next daily candle if it makes it that far i trail my stop with the 20 sma till im stopped out

regards damien
Interesting Damien, I think you trade longer TF than me... 4hr charts if I remember correctly. I like the idea of just holding a portion indefinetly, particularly if you are with the trend (obviously). It all comes down to opportunity costs and coulda shouldas, which is why I've always prefered the all in all out approach simple and stressfree (usually)... hmm

But I like the skys the limit approach here




Quoting ttteee
no tp (prefer to let the market take me out of a trade), move sl bar by bar mostly behind pinbar like bar or narrow range bar, tightening stops if momentum stars to fade or approaching s/r

about losing trades, usually fixed stop loss for intraday trading (never get out first, always waiting for the sl to be hit), and variable for swing trading (highs, lows, s/r, etc.)
This is a nice and mechanical approach, I like it. I used to trade like this on 2m TF's. Thanks



Quoting belekas
1. Avarage daily/weekly/monthly range, also end of the day for intra-day signals (optional).
2. Other technical levels.
3. Meaured objective targets.
Quoting aiyahmarklah
average daily/weekly range
hmm thats 2 experienced traders talking about average ranges... Never really tried this method Will give it a look in thanks
Time hides Nothing
  • #15
  • Jul 21, 2010 12:04am Jul 21, 2010 12:04am
Pivot levels.
  • #16
  • Jul 21, 2010 9:31am Jul 21, 2010 9:31am
I always exit when the trend is turning the other way (Monitoring ADX levels)... You can confirm the trend by other Techincals like RSI etc.
  • #17
  • Last Post: Jul 21, 2010 11:35am Jul 21, 2010 11:35am
I go one timeframe under the entry time frame(exempl :trade 15min so move to 5min) and move my stop loss(to the down of the wave) every time a new wave show off .
“Aim for the highest.” Andrew Carnegie
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