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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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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Old Apr 23, 2009, 10:05am   #9
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BAD, BAD, BAD, BAD advice. The worst I've ever read.
Why? I'm talking about in an a managed, open trade thats already in profit not when opening a new trade.
Whats the problem with placing your stop outside the hourly range of flux in the asian markets each day? Especially in a position trade Suppose it depends whether he's getting stopped out for a loss or in profit...

Personally, I'd analyse asian market and place an order to open above/below my stop

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Old Apr 23, 2009, 10:13am   #10
 
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If you've already moved your stop up to what you'd consider a reasonable level then why would you then widen it back out?

If it's above/below decent s/r then it should hold.
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Old Apr 23, 2009, 10:28am   #11
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True Foredog

If you're getting stopped out by a few pips then make sure you account for noise... otherwise its a sh*t trade. Take it on the chin and move on. THats what I had to do.
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Old Apr 23, 2009, 10:39am   #12
 
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Stay awake. I sleep with laptop next to bed, alarms for time, key levels and rarely have more than 60-90mins sleep in one go.

Pah, just no serious professionals left in this business.
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Old Apr 23, 2009, 10:41am   #13
 
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Stay awake. I sleep with laptop next to bed, alarms for time, key levels and rarely have more than 60-90mins sleep in one go.

Pah, just no serious professionals left in this business.
That will explain a lot of the odd posts on here, sleep depravation
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Old Apr 23, 2009, 1:41pm   #14
 
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Quote:
Originally Posted by SanMiguel View Post
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.
STOPS, they are your saviour and safeguard, they should be respected not maligned. Look back over your losing trades and see how many times your STOP has saved you from losing more money. Do not listen to those who advise you to widen your STOP. This advice will only rapidly propel you toward bankruptcy because it is the what the guessers and gamblers do, the ones who take a shot in the dark and hope for the best.

If you are struggling with overnight trading then you should cease trading immediately and study your losses to find out where you are going wrong. You should be making notes and studying your data. If you don't have any notes or data to study then you shouldn't be trading at all. Give up on your starry-eyed fantasy of being an overnight millionaire because trading is a profession and it must be learned. It cannot be solved with magic formulas and pretty coloured lines. Trading with a tight STOP will ensure you survive long enough to complete your education.

You do not want to be one of those traders who after years of trying different 'systems' has not managed to make any money, and worse, has no better understanding of the market than when they first began.
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Old Apr 23, 2009, 1:43pm   #15
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Originally Posted by new_trader View Post
STOPS, they are your saviour and safeguard, they should be respected not maligned. Look back over your losing trades and see how many times your STOP has saved you from losing more money. Do not listen to those who advise you to widen your STOP. This advice will only rapidly propel you toward bankruptcy because it is the what the guessers and gamblers do, the ones who take a shot in the dark and hope for the best.

If you are struggling with overnight trading then you should cease trading immediately and study your losses to find out where you are going wrong. You should be making notes and studying your data. If you don't have any notes or data to study then you shouldn't be trading at all. Give up on your starry-eyed fantasy of being an overnight millionaire because trading is a profession and it must be learned. It cannot be solved with magic formulas and pretty coloured lines. Trading with a tight STOP will ensure you survive long enough to complete your education.

You do not want to be one of those traders who after years of trying different 'systems' has not managed to make any money, and worse, has no better understanding of the market than when they first began.

Trader Dante uses wide stops... Helps to miss out the big swings
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