I would personally never let a trade that touches my target go back to negative anything. I've seen it happen too many times, especially on the CL. My ATM's are set to do 2 things when my target is touched. First my stop is moved to half of my target. So, for a 20 tick target, touching the target would move my stop to +10. Second, I have a 2 tick Target chase, I let the ATM adjust to take 2 ticks less on my target if price starts to slow down and hesitate after touching my target. I believe in the old adage, never let a winner turn into a loser, especially if it touches my target.
The following user says Thank You to monpere for this post:
Thanks Monpere for your tip. I will definitely learn to set up my Ninja ATM per your suggestion. Will knock at your door if I am unable to program it. Oh, nothing can be done on MT4 lol. Maybe an add-on will work which I have no plan to purchase one.
Here it comes a crispy recap on the 3 CL trades I did this morning:
1. -4 (went +7 and adjusted SL got hit)
2. -10 (I got in 2 pips late (UKNOWME I am always reluctant to place a stop order). It hit my SL 10 before going down 30 pips my direction - gosh!)
3. +1 (went +13 and I adjusted SL to +1. Hit me then resumed my direction .. now +30.)
I did a good move on the first trade because it reversed to the opposite direction after my early exit. SL cushion of 10-20 would get hit. For the second trade, "if" I got in at the suggested entry, my SL would stay intact and it stood a higher chance to be a profitable one. It also depends if I may choose to adjust my SL manually. At least my full stop would not be hit. For the last one, it's a judgement call. I only adjusted my SL to +1! It went 110.76 (my entry @110.74) then back to my direction.
Soooo, my only regret could be the last trade (which I did 2 contracts). If I cashed in +10/+13, I could have regained the lost ground. The morning is still young and I will continue waiting/spotting high probability signals.
Note: I missed 2 good signals (between 8:00 and 8:30 am) before doing my first trade. They're smooth sails esp when I missed taking them lol!
I did a Long seconds ago. They hit my SL 10 before rallying up .. now 20+! This time I placed a buy stop and no slippage. Everything looked good (still) and just that they love hitting my SL and run without me in it!
Now I am seriously thinking if I should adjust my CL SL to 15 (from 10) ... ooooo ..
Today is a big day for CL (release of the weekly crude oil report). My charts froze minutes before 10:30 am and again after .. now seemed moving. Funny that only the charts froze and not the DOM. I am going to email NT CS and see if they may have a good reason for the frozen issue.