The_Snowman wrote:websie wrote:I have been in this trade since WMR2, I know that strictly speaking I probably shouldn't have got in before it crossed back over the 240 but it was too tempting. My question is should I hang on to it or is it going to bounce back up? the overall trend is down, it did a huge move over the past few days but now seems to be coming back to rejoining the trend. I have a 2nd order just below the WR. I haven't had much success trading this system so far, but today I seem to be able to see a bit better when the trades are coming and be able to set them up. thanks in advance
websie, the eternal traders dilemma, when & how to take profit, well, occasionally I get one the right way
this may not be your answer but something to think about, why not just set a profit target? not the usual "x" pips, but a $$$$ amount?
I know that Steve's excellent MPTM will do that for you, but it is too much for simple trading, but there may be a simple, straight forward EA that does that somewhere here on Hopwood forum?
what I use is shown on the screen of the chart below, you set the dollar amount you want to close trade(s) at and it does so with great effect, you can have as any trades as you want, on as many charts as you want
which may be a problem if you wanted to close only trades on one pair, as I said, there may be a dedicated EA for that, anyone?
as for the chart, I had 3 trades on GBP-USD, sure enough, when I was sure of direction, price retraced as it does with every trade of mine, however this time, it reversed and continued down
as soon as the pre-determined dollar amount reached, I used 5% of balance, all trades closed
now, no matter what happens, you always feel good that you have made your % of balance on your trade(s), you may feel robbed half the time when price continues
but on the other hand, half the time you feel even better when it retraces
