Disliked... I'm having problems managing my trades. I've yet to find one I'm comfortable with. I took this Chf/Jpy trade on the daily. When price moved to my FTA I took 2/3 off (not until it went back up to 86.64 though, I was out plowing snow) and moved my SL to just above the last bar high. When I got stopped out I end up with a very small loss overall. Maybe I just need to simplify it even more for now and just set my TP at my FTA...Ignored
This state in my trading haunted me for a very long time. You could bang your head against the wall for months (maybe more) trying to figure this piece of the puzzle out. It's a fascinating question that we all need to answer at one point: When do I exit? You could listen to 10 seniors telling you how they do it. And none of it will matter because it comes down to your trading personality and what you are comfortable doing. Essentially: What works for you?
For instance, you may find that exiting at FTA fits your tolerance for risk.
Or you may find taking partial profits is the best of both world.
Or you may find trailing bar highs/lows is simple and effective.
Or you could do all of the above depending on market conditions
It may be confusing now, but only you can answer these questions because trading is an extension of your beliefs about the markets -- and your ability to manage greed/fear.
I'll give you an example of a trade I'm currently in (E/U short). When I entered the trade, I selected an area as a target (see chart). What I do now is trail this out until price hits my target or my stop. That's it. This becomes easier when you:
1. Trade higher quality setups/areas
2. Accept that the market will do whatever it wants.
Hope this helps Spook.
-- Danny
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