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Haah, unfortunately sharks, I took the same trade, but didn't...

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TwoHandsRevy

922 Posts.

10/05/19

13:24

Post #: 38506599
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Originally posted by sharks37: ↑

Thanks Rick.

Yes agreed the target is a guess.

I haven't formed a view yet whether the target should be a bit too conservative or a bit too aggressive. If conservative longer runs can be missed, but if aggressive the price may not get there.

In the end I manually closed the CADJPY trade because it got to within a pip of my target and then put in a shooting star followed by a intent candle against the trade, so I closed it on that signal & took 56 pips profit rather than 100. Was tempted to reverse the trade & go short based on the bearish intent candle (since it is an intent candle moving away from what I picked as a resistance level for my target, and which as you can see on the chart now looks like it would have been the start of a good short basket entry). So just over 100 pips between the 2 trades this morning.

In terms of target setting if anything I think I would prefer to be more aggressive than conservative, my reasoning being if price doesn't reach the target (and shows a reversal signal), I have the following 2 opportunities to close the basket:

Manually close the basket if price falls to the last entry
Allow the trailing stop to catch the fall (I have now set it to the lowest low or highest high of the last 10 bars - there is too much noise imo on a M5 chart for it to be set at 5 bars, and 10 bars now seems to be working better)

Cheers, Sharks

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Haah, unfortunately sharks, I took the same trade, but didn't close it out like you did so ended up taking my stops instead of my targets.

Rick, we know you have a horse face, you've already shown a pic you next to that police three wheeler. But that's better than what i look like lolol.
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