Struggling with overnight trades (overnight trade management)

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Old Apr 22, 2009, 4:57pm   #1
Joined Mar 2009
Struggling with overnight trades (overnight trade management)

I am really struggling with overnight trades during the Asian session at present. The PA always seems to come back at me.
I enter a good trade, overnight it reaches a high of about 100 pips somewhere but because I'm asleep I can't follow what is happening with the S&R lines or candles and close the trade. So, the PA comes back and hits my SL at wherever I've put it +10, b/e, etc.

Any recommended strategies for overnight trade management? I usually trade the 4HR charts.
I though maybe:
- trailing by the 1HR ATR but feel this will get stopped out lots
- setting a TP of the 4HR ATR
- setting a TP of the next S&R line (Asian session might prevent it reaching this)

As I'm trading S&R, I'm thinking I should not be moving the SL to b/e at any point but this method does cut out the risk of the trade.
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Old Apr 22, 2009, 5:00pm   #2
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Put a wide stop overnight and re-place and manage it again during the hours you're awake.

If you're trading positions they shouldnt be affected by a temporary wide stop should they? :-S
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Old Apr 22, 2009, 5:06pm   #3
 
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Quote:
Originally Posted by Aaronmalins View Post

If you're trading positions they shouldnt be affected by a temporary wide stop should they? :-S
Never say never!

Is there a way you can set it to close half position at a certain price? If it keeps goin up....oh well at at least it won't ping up and you'll miss a profit taking chance.
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Old Apr 22, 2009, 5:14pm   #4
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Originally Posted by foredog View Post
Never say never!

Is there a way you can set it to close half position at a certain price? If it keeps goin up....oh well at at least it won't ping up and you'll miss a profit taking chance.
I'm trying to write an EA that does just that but I don't really have the time to test it out on a demo account, that's the problem. Plus it a bit of a pain when I could just target certain areas.
The problem is that I set a SL then move it to b/e to cancel out the risk of the trade once the price has moved a certain pippage. The Asian session often makes the PA retrace or bounce back to my S&R line and stop it out. Perhaps I should not ever set SLs to break even.
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Old Apr 22, 2009, 5:23pm   #5
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Originally Posted by SanMiguel View Post
I'm trying to write an EA that does just that but I don't really have the time to test it out on a demo account, that's the problem. Plus it a bit of a pain when I could just target certain areas.
The problem is that I set a SL then move it to b/e to cancel out the risk of the trade once the price has moved a certain pippage. The Asian session often makes the PA retrace or bounce back to my S&R line and stop it out. Perhaps I should not ever set SLs to break even.
Thats what T-Dante says... If you're confident in your position I'd go with a wide stop to miss the big swings. Another bit of info i absorbed from him.
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Old Apr 22, 2009, 8:05pm   #6
 
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The alternative is to open two positions at half your usual size. One has a target for the night, one to run through the next day.
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Old Apr 22, 2009, 8:16pm   #7
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Originally Posted by shadowninja View Post
The alternative is to open two positions at half your usual size. One has a target for the night, one to run through the next day.
I'm not a big fan of this half trade closing thing, I'd rather the whole trade failed or won because when it does win, I win the whole lot amount rather than half of it.

I think the problem was hitting the SL overnight because as part of my trade management, I move the SL to break even at a certain point. The Asian session usually retraces for a bit and hits the stop. Perhaps I should just accept the risk with the stop ,loss and leave it where it is.
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Old Apr 23, 2009, 8:35am   #8
 
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Originally Posted by Aaronmalins View Post
Put a wide stop overnight and re-place and manage it again during the hours you're awake.

If you're trading positions they shouldnt be affected by a temporary wide stop should they? :-S

BAD, BAD, BAD, BAD advice. The worst I've ever read.
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