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How to gauge when to Take Profit on a Trade...............
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How to gauge when to Take Profit on a Trade...............

  #1 (permalink)
Membership Temporarily Revoked
Futures Experience: Advanced
Platform: ThinkorSwim,FXCM, Ensign Software
Broker/Data: ThinkorSwim, FXCM
Favorite Futures: Futures, Forex, Options
mdsvtr's Avatar
Posts: 232 since Sep 2010
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How to gauge when to Take Profit on a Trade...............

I have my setup and entry down pat on whe I enter a trade, The problem I'm having is, when kind of factors should I use to help confirm and " TELL " me when to lock in my profits and exit a trade ? I have put up on my charts, Fibb. retracement/Levels from the low to the most recent pullback/High for a long, I am just looking for something else that I can add with the FIbb to confirm that that level is a good projection level to take the profits on a trade and or move me stop up to Breakeven. Maybe use Bollinger Bands, Elliot Wave , TRIN , TRIX Just looking for what others here in the forums use to help them gauge a Profit Target or to let them know when it's time to tighten up your stop and go to breakeven or start trailing your trade, OR just to take the profit at hand, and exit the trade. Thanks everyone for your time and help - Mike

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  #3 (permalink)
Trading for Fun
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I've found that watching the T&S can be helpful in that regard. Depending on what you're trading you want to set your block trade alert size to pick up the larger trades. For instance, I trade TF and set block trade at 6. So anything 6 contracts or bigger gets flagged. One will go off every couple minutes or so.

More to the point, when a bunch of block trades go off within a second or two, is usually a good indicator (to me) that whatever trend you are following is probably over. It's certainly subjective and doesn't happen every time, but I usually take profit if I see a bunch of block trades go off at once.

Originally I tested out a trading strategy waiting for those moments thinking it may signal the start of a big move (i.e. big guys getting in for a big push), but testing it (on both 6E and TF), it more often seems to be the big guys getting out as chop/end of trend is usually what follows. YMMV.


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Futures Experience: Intermediate
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You need to develop a trading plan. Some factors to consider are what kind of trader you are, what is the product your trading, volatility, reason for entering the trade...

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