What's a good take profit method - page 2
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Have you tried with ZigZag? It's a lagging indicator but you can make sure that you are taking a handsome/required profit. The other way is to calculate sharp movements of the pair like GBPJPY average TP is 30 to 70 pips but recommended is 30 pips but if you are using ZigZag you can ride with the trend and increase your profitability.
I don't think it matters.
The longer you are in the trend, the more play you will have on your stop.
When you observe that it is running out of steam or moving closer to possible reversal point, its possible to move the stop real close.
Because otherwise you would still only end up with about half of the move on it's way back.
I guess it's the art of trading.
Ok do you have a graphic example of this method, I can't quite picture it
Mostly depends on your strategy and or set up - no universal formula,as every trader is different than to any next in a lot of aspects and features
any way you can try few steps back from previous higher high and lower low accordingly to buy and sell
curious to know your "So I've found a very good indicator that follows the trend well" or it was just an loud attraction to get responses - :)
You can follow the exit sign of the same indicator of higher timeframe or that with bigger parameter.
For example, you trade 15 min chart and you have a buy position, and later, you have another entry sign for 1H chart.
Then you can follow the exit sign of the indicator on 1H chart.
You can follow the exit sign of the same indicator of higher timeframe or that with bigger parameter.
For example, you trade 15 min chart and you have a buy position, and later, you have another entry sign for 1H chart.
Then you can follow the exit sign of the indicator on 1H chart.
Nice idea, how would you translate that into an algorithm for an expert advisor
I wish I could talk about it, but MQLs are over my head.
I have been struggling to understand codes of simple indicators :(
It is important to trade the right timeframe to get a big profit.
A good example for these days is EUR/USD 6H chart.
I wish I could talk about it, but MQLs are over my head.
I have been struggling to understand codes of simple indicators :(
It is important to trade the right timeframe to get a big profit.
A good example for these days is EUR/USD 6H chart.
So I've found a very good indicator that follows the trend well. I'm currently using a fixed take profit, which works well enough. But I believe it is closing trades much to early, as the trend sometimes continues two times or 3 times the set take profit. I've tried trailing stop, but I'm unable to find a good setting. Trailing stop tends to close to early when the trend goes against you for a short period. Is there a better method to capture profit, before the trend reverses. Look forward to your input.
One my use an ATR for measuring stop loss placement also for measuring profit target.
https://tradingstrategyguides.com/best-average-true-range-forex/
I think this will help you understand much better.