Struggling with overnight trades (overnight trade management)

SanMiguel · Apr 22, 2009

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.

Technically Fundamental · Apr 22, 2009

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

foredog · Apr 22, 2009

Aaronmalins said:
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.

SanMiguel · Apr 22, 2009

foredog said:
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.

Technically Fundamental · Apr 22, 2009

SanMiguel said:
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.

shadowninja · Apr 22, 2009

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.

SanMiguel · Apr 22, 2009

shadowninja said:
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.

new_trader · Apr 23, 2009

Aaronmalins said:
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.

Technically Fundamental · Apr 23, 2009

new_trader said:
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

foredog · Apr 23, 2009

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.

Technically Fundamental · Apr 23, 2009

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.

wasp · Apr 23, 2009

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.

foredog · Apr 23, 2009

wasp said:
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

new_trader · Apr 23, 2009

SanMiguel said:
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.

Technically Fundamental · Apr 23, 2009

new_trader said:
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

KillPhil08 · Apr 23, 2009

He said widen aaron. Not "don't use wide stops".

new_trader · Apr 23, 2009

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

"Miss out the big swings"

Spoken like a true amateur

Will you please stop dispensing advice as if you have acquired it through years of battle-hardened experience? You have the sincerity and credibility of a ventriloquists dummy.

Technically Fundamental · Apr 23, 2009

new_trader said:
"Miss out the big swings
as if you have acquired it through years of battle-hardened experience? You have the sincerity and credibility of a ventriloquists dummy.

you have empathy issues

Technically Fundamental · Apr 23, 2009

:cheesy:

Rossini · Apr 23, 2009

Your still writing in that stupid purple ink....

Struggling with overnight trades (overnight trade management)

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