Best Exit Strategies for Forex market ?

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Old Feb 7, 2011, 12:25pm   #1
NVP
 
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Best Exit Strategies for Forex market ?

hey all

I had a hunt around but its pretty thin on the ground out there regarding what is the best Exit strategy for a trade (let alone Forex specific)

so c'mon lets get to business and decide / Debate the area that is actually more important than the billions of threads on Entry points......any idiot can enter a trade ........but when to leave the party ?


Ma's ?
Targets ?
Price action Support / Resistence levels
Trailing Stop losses ?
any other indicators ? (eg SAR ?)
News releases ?

whats your favourite and why ?..or do you combine multiples ?
N
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Old Feb 7, 2011, 1:02pm   #2
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Re: Best Exit Strategies for Forex market ?

I quite like random exits (and I am being serious)
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Old Feb 7, 2011, 2:23pm   #3
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Re: Best Exit Strategies for Forex market ?

i use steve hopwoods mptm.

i can put a trade on a walk away/carry on coding without being glued to the chart watching a line and my life waste away.

that works for me.
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Old Feb 7, 2011, 2:30pm   #4
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Re: Best Exit Strategies for Forex market ?

If you are looking at 1h or higher and you are in profit then a good exit would be a break of the 20ma. I like the 20ma because it allows for some breathing room and gives nice re-entry signals if price breaks back in your favor.

Peter
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Old Feb 7, 2011, 2:31pm   #5
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Re: Best Exit Strategies for Forex market ?

Quote:
Originally Posted by francisfinley View Post
i use steve hopwoods mptm.

i can put a trade on a walk away/carry on coding without being glued to the chart watching a line and my life waste away.

that works for me.
is that your Mum's pmt?
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Old Feb 8, 2011, 4:15pm   #6
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Re: Best Exit Strategies for Forex market ?

NVP started this thread
Quote:
Originally Posted by francisfinley View Post
i use steve hopwoods mptm.

i can put a trade on a walk away/carry on coding without being glued to the chart watching a line and my life waste away.

that works for me.
yes ....tell us more about this one
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Old Feb 8, 2011, 4:15pm   #7
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Re: Best Exit Strategies for Forex market ?

NVP started this thread
Quote:
Originally Posted by wackypete2 View Post
If you are looking at 1h or higher and you are in profit then a good exit would be a break of the 20ma. I like the 20ma because it allows for some breathing room and gives nice re-entry signals if price breaks back in your favor.

Peter


yep .....I love the 20ma ..its a really good workhorse across the board

N
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Old Feb 8, 2011, 4:20pm   #8
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Re: Best Exit Strategies for Forex market ?

NVP started this thread in theory I would say to people

following setting the intial S/L for the trade (based on a decent S/R level below the entry point)

then keep moving the stop as successive key Resistance or support levels are created in the advancing and profitable trade

in theory thats great...........but in reality .............hey reality is another kettle of fish as we all have lives to lead !!

N
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Old Feb 10, 2011, 1:27pm   #9
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Re: Best Exit Strategies for Forex market ?

NVP started this thread yea !


thanks to who responded

another thread on exit strategies bites the dust..........thats why theres so few successful traders I Guess......

N
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Old Feb 10, 2011, 3:26pm   #10
 
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Re: Best Exit Strategies for Forex market ?

Well, there is a lot to it. First there's exiting when things are going well, separately is exiting when things are not. Then there's the case where the exit depends on the entry. If I enter on a breakout expecting momentum and it immediately pulls back and goes lower with no momentum, then I may exit immediately. If you enter on a pullback in a trend and it goes lower than entry, then that may not be an issue and you'd hold it. Then there's management of the stop just in case, and then there's multiple exits. There's a lot of thigns that you could discuss.

Are you looking for all of these? Or profit exits? Stop management midtrade?

Last edited by Shakone; Feb 10, 2011 at 3:32pm.
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Old Feb 20, 2011, 11:08am   #11
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Re: Best Exit Strategies for Forex market ?

NVP started this thread
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Originally Posted by Shakone View Post
Well, there is a lot to it. First there's exiting when things are going well, separately is exiting when things are not. Then there's the case where the exit depends on the entry. If I enter on a breakout expecting momentum and it immediately pulls back and goes lower with no momentum, then I may exit immediately. If you enter on a pullback in a trend and it goes lower than entry, then that may not be an issue and you'd hold it. Then there's management of the stop just in case, and then there's multiple exits. There's a lot of thigns that you could discuss.

Are you looking for all of these? Or profit exits? Stop management midtrade?
Hi S

anything people want to talk about or share.......its far more important than the entry point (that sadly occupies 90% of all trading threads in the cosmos)

N
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Old Feb 20, 2011, 1:34pm   #12
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Re: Best Exit Strategies for Forex market ?

Its all strategy dependant not instrument dependant.

I like fibonnacci numbers with MA. 13MA 21MA 34MA 144MA
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Old Feb 20, 2011, 2:28pm   #13
 
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Re: Best Exit Strategies for Forex market ?

Quote:
Originally Posted by NVP View Post
hey all

I had a hunt around but its pretty thin on the ground out there regarding what is the best Exit strategy for a trade (let alone Forex specific)

so c'mon lets get to business and decide / Debate the area that is actually more important than the billions of threads on Entry points......any idiot can enter a trade ........but when to leave the party ?


Ma's ?
Targets ?
Price action Support / Resistence levels
Trailing Stop losses ?
any other indicators ? (eg SAR ?)
News releases ?

whats your favourite and why ?..or do you combine multiples ?
N
I would agree that most people have far to much emphasis on the entry strategy and then seem to wing it on the exit, with either no strategy or a very lose one, and this is why they fall prey to the emotions of fear and greed either holding out to long (greed) or cutting it early (fear). I believe the exit strategy should be predetermined at the time of entry based on the risk / reward ratio and the win / loss ratio of the system being used. If the trade looks like it is going to fly past the exit then I will still exit as planned and wait for the next set up, the exception to this is if your entry criteria is generating a second entry signal which will allow you to push further out your exit point and if you wish add to your trade and tighten your original stop.
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Old Feb 20, 2011, 3:28pm   #14
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Re: Best Exit Strategies for Forex market ?

Round numbers and s/r levels, prior highs and lows.

Or

Try a two candle trail, 1 candle with very sharp moves, tighten up sharply if you get a strong reversal signal. I do everything on the close.
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Old Feb 21, 2011, 4:28am   #15
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Re: Best Exit Strategies for Forex market ?

My best entry and exit strategies is at the support and resistance of daily chart further confirm by 4H and 1H chart.
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