Take profit missed by a pip, What would you do? | Forex Factory

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Take profit missed by a pip, What would you do?

  • #1
  • First Post: Dec 29, 2016 7:34am Dec 29, 2016 7:34am
Hello traders, I just need your valuable opinion about this normal occurrence, what would you do if the price misses your take profit by a pip, and start moving back toward your entry?

Would you close it or would you leave the trade open and hope it eventually hit your take profit also risky having a losing trade
  • #2
  • Dec 29, 2016 7:46am Dec 29, 2016 7:46am
There is no correct answer to that.

What TF and for how many pips you went after?
Please add more indicators, I still see the real price! Thanks!
  • #3
  • Dec 29, 2016 7:47am Dec 29, 2016 7:47am
Happens to me probably more often than anyone, on here at least...

Stop loss is the same...

Nothing you can do... if you are watching it then you think oh a pip will touch and it carries on going the other way...
It's a very hard and the most frustrating position to be in
  • #4
  • Dec 29, 2016 7:54am Dec 29, 2016 7:54am
Quoting Crackpot
There is no correct answer to that. What TF and for how many pips you went after?
Timeframe is 1 hour, take profit may be 60 pips while stop loss is 30 pips
  • #5
  • Dec 29, 2016 2:36pm Dec 29, 2016 2:36pm
Quoting oladinpeter
Hello traders, I just need your valuable opinion about this normal occurrence, what would you do if the price misses your take profit by a pip, and start moving back toward your entry? Would you close it or would you leave the trade open and hope it eventually hit your take profit also risky having a losing trade
I have experienced this many times ,and if you are trading with a system ,you shouldn't be worrying.
A trick i use and it saved me many times , deducting 2-3 pips from my TP ,so instead of 30 pips I'll use 28 pips ,and instead of 60 ,i would use 57 pips TP.
  • #6
  • Dec 29, 2016 8:26pm Dec 29, 2016 8:26pm
I would tend to agree with fxnow. A thousand years ago when I used "take profit" I found that by deducting the spread, I normally hit it more easily. You have to remember too, that if you are trading to some common line, then everyone knows it, and will play games to trap you. If you trail to a PSAR, it might protect you a bit. Recommend using 0.1/1.0 to get closer to the candles. Since it does not seem you are doing any market momentum measurements, these might be good options for you. Without any further tools, you cannot know the difference between a head fake and a reversal, so better to exit at the PSAR than your stop loss. Right?

Always spend the weekends looking for ways to improve your system, or for errors you need to correct. If it occurs too frequently, it might need tweaking.
You cannot be extraordinary by being normal
  • #7
  • Dec 29, 2016 8:41pm Dec 29, 2016 8:41pm
If Im watching my charts I normally close out just before it hit my TP. This kind of thing happens to most traders. What you can do its place your sl in the green so at least if the market turns you will still be out in a slight profit. If you are trading with a dominate and intact trend its possible just to let it play out and price may end up moving back to your favor. Like crackpot said there is no correct answer to that. There are many ways to play the market and depending on if you are scalping or in a longer time frame position will be a different answer.
20 Pips a day keeps centerlink away
  • #8
  • Dec 29, 2016 11:54pm Dec 29, 2016 11:54pm
Quoting oladinpeter
Hello traders, I just need your valuable opinion about this normal occurrence, what would you do if the price misses your take profit by a pip, and start moving back toward your entry? Would you close it or would you leave the trade open and hope it eventually hit your take profit also risky having a losing trade
The question is. Why was your TP at that particular spot in the first place.?
If you do not know where the next retrace is likely to be you should not be using real money to trade
Combat crazy markets with crazy trading
  • #9
  • Dec 30, 2016 12:36am Dec 30, 2016 12:36am
Quoting oladinpeter
Hello traders, I just need your valuable opinion about this normal occurrence, what would you do........
Stick to the plan you made before you entered the trade - don't just make things up as you go. Make a note of it though, be sure to note your frustration in your journal. If it only happens the once, so be it. But if you end up with a whole lot of notes saying something similar, you have a problem.
si hoc legere scis nimium eruditionis habes
  • #10
  • Dec 30, 2016 3:07am Dec 30, 2016 3:07am
What's your read on price action? If my read tells me that a reversal is coming, I'd do a manual close on the position, win or lose.
  • #11
  • Dec 30, 2016 4:00am Dec 30, 2016 4:00am
Thanks guys!
  • #12
  • Dec 30, 2016 7:11am Dec 30, 2016 7:11am
When that happens usually the first thing I do is groan and cringe. And then I close my position manually.
  • #13
  • Jan 13, 2017 12:06pm Jan 13, 2017 12:06pm
If you think this only happens to you, you're 100% wrong.

Many years ago I was one of the brokers for one of the biggest punters on the LIFFE exchange, for him to make several thousand £ in a day was not uncommon. I can't tell you how many fills I took for him where he was stopped on the low or high and also how many times his limit orders were missed by a tick. So if this happens to you, it also happens to the best traders out there.
Road To Wisdom? To err and err and err again, but less and less and less...
  • #14
  • Jan 14, 2017 12:35am Jan 14, 2017 12:35am
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This happened to me today. I took a buy trade, was up literally 50 pips, and after hitting the daily range, within an hour goes down 80 pips and hits my take profit and climbs right the heck back up towards the daily range. Same thing happened to my USDJPY trade. I don't understand it!

Why does this happen, I have no damn idea.
  • #15
  • Jan 14, 2017 9:50am Jan 14, 2017 9:50am
Cry very loudly for 15 seconds, blow my nose, then forget about it.
  • #16
  • Jan 14, 2017 10:46am Jan 14, 2017 10:46am
I'll echo exactly what most traders on this thread are saying. It happens to me very often.

If my analysis still points to a continuation of the move, but price keeps finding support/resistance just a hair from my profit target, I will move my stop to BE and just watch for a reversal signal to take some profit out of it before it cracks my stoploss. This can be super frustrating, because we all know how much work goes into finding profitable trades and when we are right about direction but not totally right about how far it will move in that direction, it sucks when we get nothing for our effort... but that is the way this business works.

Take your knocks and shake them off...

Cheers!

-fighter-
  • #17
  • Jan 14, 2017 3:42pm Jan 14, 2017 3:42pm
Move to breakeven or lock in some profit after the trade has gone some pips in your favour. If it misses TP, even by a pip or less, who cares, move on to the next trade.
  • #18
  • Jan 14, 2017 4:11pm Jan 14, 2017 4:11pm
Trade without TP, just curb the downside risk by implementing trailing stops.
  • #19
  • Jan 14, 2017 9:30pm Jan 14, 2017 9:30pm
I always... ALWAYS close my trade just before it hits my TP by a pip or two. I entry on the hourly and watch on the 15-5min. Though I always open 2 positions on entry. Once my positions are in the green I wait until price comes close to my TP then I close 1 position and move the SL to BE on my second position. If price goes back up and hits SL so be it, if it continues heading green just control SL.

I've had too many instances in the past where price hit TP but it didn't close due to the spread. It's a bummer. So if your trading on a short time frame and your more of a in and out trader (0-4hrs) best to keep your eyes on the chart and don't BLINK!

Have a great day!
  • #20
  • Jan 14, 2017 10:00pm Jan 14, 2017 10:00pm
You have 1:2 so you can lock it at 1:1 when you see it miss by a pip. if your system has over 50% success rate it is still profitable.Or on that very candle hilo maybe.
Don't mind me.. i'm crazy
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