Hello Everyone,
Please let me explain what I am doing so you will understand what I am needing help with.
I have developed a little trading system that is blowing me away. I know exactly when to enter the trade. It works with EVERY pair and I do not need one single indicator to enter the trade.
The lowest time frame I use is 1 HR. I also use 4 HR and daily.
However, getting out of the trade at the right time is what I am having somewhat of a problem doing.
Here is what I mean.
Getting OUT of the trade with profit is not the problem but I find that I get out of a trade in to many cases way to early. I will take 15 pips to 25 pips when in fact I could have gotten in a lot of cases 100 to 300 pips on the same trade. On the longer time frames this is very common, especially with the PJ.
I remember the day when I would have killed for 10 pips a day. Back then I was always trading the 5 min chart. Those days are way in the past now and I am very thankful for that.
Of course, I am NOT trying to get every single pip, that is impossible to do on a consistant basis. I am only trying to get SOME of the middle section, whereas, right now I am on the low end section.
Since I use the longer time frames, we all know that MOST of the time there is a lot of movement within ONE single candle and this is what I focus on most of the time. I mainly trade the GBP/JPY because of so much movement in each candle.
I am looking for some kind of an indicator that can help me in getting OUT of the trade at the best possible time.
Since all indicators are lagging, I am not sure what to use.
I have tried MACD, Stochastic, and a couple of others with NO success.
If anyone has an indicator they feel would really help me with this, I would appreciate some help on this.
Thank you very much for reading and any help you may wish to offer.
Have a great day,
Daniel Hansen
Please let me explain what I am doing so you will understand what I am needing help with.
I have developed a little trading system that is blowing me away. I know exactly when to enter the trade. It works with EVERY pair and I do not need one single indicator to enter the trade.
The lowest time frame I use is 1 HR. I also use 4 HR and daily.
However, getting out of the trade at the right time is what I am having somewhat of a problem doing.
Here is what I mean.
Getting OUT of the trade with profit is not the problem but I find that I get out of a trade in to many cases way to early. I will take 15 pips to 25 pips when in fact I could have gotten in a lot of cases 100 to 300 pips on the same trade. On the longer time frames this is very common, especially with the PJ.
I remember the day when I would have killed for 10 pips a day. Back then I was always trading the 5 min chart. Those days are way in the past now and I am very thankful for that.
Of course, I am NOT trying to get every single pip, that is impossible to do on a consistant basis. I am only trying to get SOME of the middle section, whereas, right now I am on the low end section.
Since I use the longer time frames, we all know that MOST of the time there is a lot of movement within ONE single candle and this is what I focus on most of the time. I mainly trade the GBP/JPY because of so much movement in each candle.
I am looking for some kind of an indicator that can help me in getting OUT of the trade at the best possible time.
Since all indicators are lagging, I am not sure what to use.
I have tried MACD, Stochastic, and a couple of others with NO success.
If anyone has an indicator they feel would really help me with this, I would appreciate some help on this.
Thank you very much for reading and any help you may wish to offer.
Have a great day,
Daniel Hansen