EXIT point - LOGIC - page 2
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A good exit
I'm wondering what other people are using for exit criteria. I've got a pretty good entry, but I can't really tell when I should get out.
Any thoughts?
My humble opinion:
Depends on your entry method.
Your question is to general. If you trend follower, hang on till the trend reverse, stay out when it range..
If you trade pivot, get off at S or R.
Fibo get out a price extension.
If you martingale, flip a coin..
It all depends on your method but basically, don't be greedy. 1% profit everyday is judged unrealistic, so as soon you're in profit, it's ok to get out and be happy with it.
Try at least to match your risk..
I personnally risk a maximum of 3% of my capital on any trade trying to make 9-10% profit but will close if my prefer indicator reverse. I also will close if price hit a strong support/resistance for to long and i have profit.
NewDigital can refer you to a plethora of exit indicator if you need. See this post.
Sincerely good luck!
I use bollinger bands for exit, sometimes you miss the rest of a big run like this mornings on cable. Hey it was still a profitable exit.
My target is always one of the BBs
Chandelier Exit!!!: many exit indicators are on this thread.
Brainwashing system and Braintrading system: exit on trailing stop indicators is on this section.
Digital Filters: exit on indicators are on this section.
Channel trading system: exit on stop loss outside/inside the channel is on this thread.
M5 Asctrend system. 2 kinds of exit: price movement and pivot levels are on this thread.
Asctrend systems for many timeframes: many exit indicators coded especially for exit are on this thread.
Ichimoku: exit on some delta betweem the price value and support/resistance lines are on this thread.
Well working trading system: exit on different set of indicators is on this thread.
Level Trading: exit on support/resistance lines.
Wma 5/20 - Ema: many exit possibilities inckluding special exit indicators coded are on this thread.
Exit Strategy: Stepping Stops vs. Trailing Stops: EA for exit is on this thread.
TrendstrenghtEMA: exit on indicators' lines crossing (this thread).
Indicators and template to estimate the market condition for D1 timeframe: exit on market condition changed is here.
Fibonacci EMA: exit on the other MA indcator's crossing is here.
And many many other kinds on exit as part of different trading systems.
I have 2 favorite indicators for exit personally.
I think the BEST one is cfb-normalized-log (which I wont attach because I think it is advanced elite, so you can find it there with a search). When and if the level goes beyond about 0.87 and then flattens or reverses, I know the move is basically over. Best exit indicator I have ever used. Try it...my 2nd favorite is this ADX mod, when the level gets too high (and "too high" needs to be tuned to the pair and TF u are using), then its time to bail.
I find exits are pretty easy given these tools. I think personally that its tougher to find an entry signal that is at the same time NOT prone to false signalling and yet not too slow or late.
Odysseus
Hi,
we concentrate too much on getting in and never enough on when to get out. Technical analysis has no ability more then throwing a grid of reading. Some will use two MAs and others will pile up tons of indicators from old school averages to cycles, fractals, physics filters etc. Maths things assume that you know perfectly what is the return profitability of your system and it's frequency; this cannot integrate neither human behavior nor the unpredictability of the market. As a technical trader i apply my trading system (grid of reading) on the price action
and wait for a signal to enter, i put a stop on the last higher high/lower low plus spread and wait like a fisherman. From there i can loose my bait or catch something. But the most difficult part is to get the fish out of water, before this you don't even know how big it is and a professional fisherman will always let the fish do its fight before taking it. During this fight he might lose the fish, the bait, the fishing rod ...As a trader I accept to lose my stop and when the trade is a winner i always keep this room between the price and my exit point. If the trade continue to be a winner i add a lot or two as if i started a new position and i never close the trade by myself i let the price action do it.
Sometimes the grid of reading is completely wrong, the market is turbulent, this time news and politics are stirring the whole thing (I'm not talking about fundamentals). When this time comes don't believe in any technical analysis or just perhaps try scalping if you're good at it (meaning high capacity of adrenaline assimilation). There is one last thing to know: you will never make substantial gains if you're under capitalized, your time of survival will be shorten irreversibly.