Morning all
I would like to raise a discussion on how to manage a trade and look for best exit if in the unlikely event that price reverses form original entry direction before SL can be placed at BE. As we know a premature exit here may be costly as the reversal may just be noise and we may have not given price enough opportunity to develop for the move in our direction. Then again waiting too long may be costly in the event that we let price recede too far towards SL and incur a bigger loss. This topic has been raised in the past but for me personally it requires more examination.
I trade M1 and when I am in this situation the things that I find that allow me to exit with hopefully a cheap loss are.
♦ M5 matrix has had a full color change, (this is often way to late as price has receded along way towards SL)
♦ M15 Stochastic crosses, once again it is often way too late.
♦ M5 Stochastic cross if price has been rejected from recent Highs or lows (this one often too early and may mean that the move is missed.
Any thoughts, comments or ideas on this would be appreciated
Kind Regards Anthm
I would like to raise a discussion on how to manage a trade and look for best exit if in the unlikely event that price reverses form original entry direction before SL can be placed at BE. As we know a premature exit here may be costly as the reversal may just be noise and we may have not given price enough opportunity to develop for the move in our direction. Then again waiting too long may be costly in the event that we let price recede too far towards SL and incur a bigger loss. This topic has been raised in the past but for me personally it requires more examination.
I trade M1 and when I am in this situation the things that I find that allow me to exit with hopefully a cheap loss are.
♦ M5 matrix has had a full color change, (this is often way to late as price has receded along way towards SL)
♦ M15 Stochastic crosses, once again it is often way too late.
♦ M5 Stochastic cross if price has been rejected from recent Highs or lows (this one often too early and may mean that the move is missed.
Any thoughts, comments or ideas on this would be appreciated
Kind Regards Anthm
When you're in the land of HOPE, you're done, get out of there, WALK AWAY