Best Way To Know When To Exit????
I watch out for price divergence especially with the Slow Stochastics & MACD indicators. eg. In uptrends higher highs with price, but lower highs on indicators time to get out vice versa for Shorts.
Pretty accurate at predicting a reversal.
This link goes over a 3 bar trailing stop method that I have used on 5min chart before. Its good for volitile times and it works for getting out on pullback and getting back in to follow more trend. Its pretty simple once you learn it.
Darn Im sorry the link wont work unless you become a member of that site. If you decide to become one you will find it under... "Shoulders of Giants (strategies from successful forex traders)"
5 min chart envelopes using a 390 simple moving average create bands at
0.05/0.1/0.15/0.2/0.3/0.4/0.5/ if need be 0.6 and 0.7 today gbpusd high hit the 0.50. Kolachi traders use 200 ema i tried on 15 chart using fib number such as .08/.13/.21/.34/.55/.72(half) today's high thus far the low 1.9732 was at bottom 0.05 band
if anyone out there knows of a better MA please let us know.
also try 140 sma on 15 min chart gbpusd with 0.05/.1/etc.
do not under estimate these envelopes and there turning points.
which one only god knows
ismailv
once you in profit dont let it go back against you. I like to set it to +1 when Im up 5pips. your on the m5 you can get in again later. And for a target I would try for another ma like when price hits the 34.
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I Trade the 5 minute chart using 5-25EMAs. But I am having a hard time figuring out how to get out with the most pips. I seem to get out too late (lose) or too early. I have tried a Trailing Stop but the currency waves too much (GBP). I have heard use the 15 minute support and resistance but that lags. Can someone offer assistance???