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THREE SET UPS


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THREE SET UPS

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  #591 (permalink)
 vegasfoster 
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I wasn't suggesting to use a trailing stop as the profit exit, I was just suggesting instead of closing the position after 15 minutes, would it work to tighten the stop and let it see it can still hit the fixed target within the next 15 minutes. Presumably one or the other should happen by that time. That's all.

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  #592 (permalink)
 Fat Tails 
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shodson View Post
This is one reason I like target-based trading. Sure, you sometimes leave a lot on the table, like I did this morning, by getting out too early, but every trend-trading system I've looked at has exits that also leave a lot on the table because they wait for an exit condition, or trail stops too loosely, leaving a lot on the table when the trend is reversing. Also, in chop a winning trade that goes a fair number of ticks turns into a loser because the exit condition fires while taking a loss, or trailing the stop too tightly whipsaws them out. I just haven't found a good exit strategy for runners that I'm comfortable with for trend trading. I think exits are a lot harder than entries.

Absolutely. Exits are the key.

If you enter on low volatility, basically you just need to sit and wait until volatility takes off. If it fires in the wrong direction, you are left with a small loss. If you are disciplined, you are safe.

So, if it goes off in the right direction, you need to have the optimum exit strategy, which does not get stopped out too early and ehich does not cut profits short either. Very, very difficult.

I am only exiting the first half of my position for psychological reasons. It makes me feel better, if I take a profit on half of my position, as this profit covers my potential loss on the second half. I am now playing with the money of the house, and the tension goes down. I feel that I have left the danger zone. Being more relaxed, I will then better trade the second half.

Only caveat with this: If you look at the expectancy it may not make sense to take a quick profit on the first half of the position. But I am not a machine.

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  #593 (permalink)
 Jeff Castille 
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Fat Tails View Post
Absolutely. Exits are the key.

If you enter on low volatility, basically you just need to sit and wait until volatility takes off. If it fires in the wrong direction, you are left with a small loss. If you are disciplined, you are safe.

So, if it goes off in the right direction, you need to have the optimum exit strategy, which does not get stopped out too early and ehich does not cut profits short either. Very, very difficult.

I am only exiting the first half of my position for psychological reasons. It makes me feel better, if I take a profit on half of my position, as this profit covers my potential loss on the second half. I am now playing with the money of the house, and the tension goes down. I feel that I have left the danger zone. Being more relaxed, I will then better trade the second half.

Only caveat with this: If you look at the expectancy it may not make sense to take a quick profit on the first half
of the position, but I am not a machine.

This is exactly why I take quick profits and move my stop up. I've learned to expect the unexpected.

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  #594 (permalink)
 vegasfoster 
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All agreed, trailing stops suck.

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  #595 (permalink)
 cunparis 
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Jeff Castille View Post
I appears as though you are ignoring the news.

Yes, that first trade was 15 minutes before news. You're right. I am not used to knews at 3:15pm my time (6:15 pacific). That's an odd time for news.

Once again I'm not prepared as well as I should be, but at least this time it didn't cost me.

We're halfway through the month so here are my results for July:



Profit factor of 1.93 is pretty good.

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  #596 (permalink)
 Jeff Castille 
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cunparis View Post
Yes, that first trade was 15 minutes before news. You're right. I am not used to knews at 3:15pm my time (6:15 pacific). That's an odd time for news.

Once again I'm not prepared as well as I should be, but at least this time it didn't cost me.

We're halfway through the month so here are my results for July:



Profit factor of 1.93 is pretty good.

Cool !!! Just think how much better it will be with consideration for news releases.

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  #597 (permalink)
 gabga100 
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There is a double inside bar on the S&P Hourly Chart- right now, who's playing that ?

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  #598 (permalink)
 Fat Tails 
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That's the noon session. Often has a fake breakout before continuing in the opposite direction.


gabga100 View Post
There is a double inside bar on the S&P Hourly Chart- right now, who's playing that ?


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  #599 (permalink)
 vegasfoster 
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How do you trade a double or triple inside bar? At the first bar or last bar?

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  #600 (permalink)
 shodson 
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vegasfoster View Post
How do you trade a double or triple inside bar? At the first bar or last bar?

I use the most recent IB

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