The perfect Take Profit - page 5
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ideal take-off for intraday trading 35 -40 pips
The tactic is interesting, but how to actually use it?
My understanding is that:
- the first close should take place at, say, a 50% probability of reaching the specified price point
- the second closing should occur when the price reaches the 30% probability, and the distance should be greater than for the first double closing
- it is possible to continue pinched.
What about the volume, apparently, the higher the probability of reaching the target, the higher the volume, or vice versa? Is it necessary to trawl from the first close - by hastily moving the stop loss order to Breakeven?
Are there any statistics on this subject?
There is a binding of the SL to the TP. I.e., we have a SL of 20 points and the position volume is 0.2 lots. We open the position as we have not had any large moves during the day. When the profit reaches 40 points, we close 0.1 lot, not taking into account the daily average price range. SL - at breakeven. Then we look how many points the price moved and what percentage of the daily average price it is. If we see that the current movement is close to the average daily range - we look for reversal candlestick patterns. If a pattern is found, we close the remaining 0.1 lots.
Yes, we can divide it not into 2 parts but into 3, 4, etc.
About volume. Depending on indicator readings (strength of the common signal), depending on the movement of the day, depending on the size of the SL (if it is not too big - we set a bigger volume). Here your imagination is not limited by anything.
There is no statistics. All depends on the TS, GP, the market situation. You have to try and see if it fits or not.
Tapochun, thanks for the reply, went to the forum and realised that the thought below was already floating around here, but for some reason it was during the holidays that it came back and it seemed new to me, apparently unconsciously it helped to formalise it.
I had such an idea - to experiment with multi take profit.
The idea is that price reversal levels may be different, sometimes they work and sometimes they do not - for example MA+Pips, a channel of mid-day ATR or RSI levels and maybe a parabolic. So, I think it is worth trying to close partially a lot when certain values are reached, maybe it will be interesting to see how the average of these indicators will work, maybe there will be a pattern in the strength of each of the methods, which will help them to rank against each other.
For example, we will open a buy order for GBPUSD for the target at H1:
MA(128)+300Pips - close 50%
MA(56)+600Pips - close 30%
RSI(14)==70 - close 20%
Maybe you have some experience in testing of such multisystems or maybe you have some programmers who would like to join me in trying to implement and test the efficiency of such a system?
Tapochun, thanks for the reply, went to the forum and realised that the thought below was already floating around here, but for some reason it was during the holidays that it came back and it seemed new to me, apparently unconsciously it helped to formalise it.
I had such an idea - to experiment with multi take profit.
The idea is that price reversal levels may be different, sometimes they work and sometimes they do not - for example MA+Pips, a channel of mid-day ATR or RSI levels and maybe a parabolic. So, I think it is worth trying to close partially a lot when certain values are reached, maybe it will be interesting to see how the average of these indicators will work, maybe there will be a pattern in the strength of each of the methods, which will help them to rank against each other.
For example, we will open a buy order for GBPUSD for the target at H1:
MA(128)+300Pips - close 50%
MA(56)+600Pips - close 30%
RSI(14)==70 - close 20%
Maybe you have some experience in testing of such multisystems or maybe you would like to share your knowledge with me to try and test the efficiency of such a system?
Tapochun, thanks for the reply, went to the forum and realised that the thought below was already floating around here, but for some reason it was during the holidays that it came back and it seemed new to me, apparently unconsciously it helped to formalise it.
I had such an idea - to experiment with multi take profit.
The idea is that price reversal levels may be different, sometimes they work and sometimes they do not - for example MA+Pips, a channel of mid-day ATR or RSI levels and maybe a parabolic. So, I think it is worth trying to close partially a lot when certain values are reached, maybe it will be interesting to see how the average of these indicators will work, maybe there will be a pattern in the strength of each of the methods, which will help them to rank against each other.
For example, we will open a buy order for GBPUSD for the target at H1:
MA(128)+300Pips - close 50%
MA(56)+600Pips - close 30%
RSI(14)==70 - close 20%
Maybe you have some experience in testing of such multisystems or maybe you would like to share your knowledge with me to try and test the efficiency of such a system?
Vinin:
Надо было бы еще входы добавить. Может народ и подтянется
Entry, for example, could be made on a breakdown of +-23.6% ATR(3) with a shift of 1 from the opening of the day.
Or some other option could be discussed as well. It would be interesting to see the dependence of the reversal on the density of the rolls of floating resistance levels and their priority over each other.
I agree with the previous post and give an example from my own practice.