I seem to be consistantly leaving quite a few pips on the "trading floor" because I exit too soon (today for example, I left nearly 100 pips because I got out way too soon).
Does anyone out there have a good exit strategy they can share?
I'd like to investigate a better way.
Or even some indicators? (Histogram change colors?, MACD?, RSI, MA Cross?, ? ?? ?? )
Some traders use 5/8 MAs crossed to exit -- I like that -- but on a 15 or even 5 min chart -- or 5/13 on 5 min.
P.S. - with a simple 5/8 EMA on the 15 min chart -- you would still be in catching these pips.
i think it would be nice to maybe have an exit template. Possibly a different set of indicators time frame etc to switch over to after we have entered the trade using catfx signals. i wish i had a suggestion but i don't yet but i will work on it.
Doing some testing of that and it looks pretty good -
the News Straddle or the CatFx50 gives a great entry point and the cross of the EMA 5 & 8 (close) give a great exit point
I use Catfx50 only as a longterm trend indicator on the M30 Chart.
I also have the M1, M5, M15 charts all open at the same time, with different indicators on each. Catfx50 is on M30, but I do not use it at all for entries or exits. I use it as a confirmation for a longer term trend, along with the m15 charts.
As I do not have a huge account, I cannot waste pips, so the M30 is an impractical timeframe to trade from. I trade m1/m5 with M15 and M30Catfx50 giving me direction and longterm trends.
i realize that unless you have a really large account you shouldnt rely soley with Catfx50 becuase the exits are difficult to pinpoint exactly and the entries are also lagged becuase if you wait for the new bar to open usually a good portion of pips have already moved in the market.
I say this only becuase I can only trade with a relatively small account. Even 10pips is a lot.
What kind of Indicators do you use as entries on the smaller timeframes?
I started out trying to use the 1 min and 5 min -- many many months later, after gaining and losing -- losing more than gaining, I threw them aside.
Yep gave those up -- too volatile and too much time at the computer, and while you may "give up" some pips waiting on the 30 min chart (or even 15 min - my favorite) -- you are a little less likely to get whipped - IMHO.
This is exactly what attracted me to CATFx50 -- and again IMHO if you have just $200 in your account CATFx50 is going to help you increase that just the same as if you had $2000. But whatever system you use -- stick with it and stay simple !
Again that is what has attracted me to CATFx50 -- it is simple !!
My strategy always requires confirmation of direction from multiple indicators, and multiple timeframes. I use a lot of indicators, so I hope someone doesn't follow me into using it, I have to say it's been hard, its very difficult following so many indicators in four screens/timeframes. i've been stopped out many many times before I started to figure out each nuance of the indicators.
Dinapoli Detrend Oscillator
3 Colour MACD
I don't use all of them on each timeframe. On m5 I use 6 of them, on m1 I use 3 so it's different for each timeframe.
It's different for everyone really, I was just giving an example of someone who uses catfx50 in a different way.I think of it like doing surgery.. would you use a scalpel or a sword? it's only my opinion. Everyone is welcome to their own. happy trading!
Agreed -- everyone does see formations/indicators a little differently and thats fine.
Chispas ! I hope noone uses a sword on me though -- if I ever have to undergo surgery
Thanks for the insights guys (if you are guys )