There's an old saying, whatever signal gets you in also gets you out. This is entirely rational and logical when you think about it, as the signal to get out ought to be a close and reverse, ie back in.
There's an old saying, whatever signal gets you in also gets you out. This is entirely rational and logical when you think about it, as the signal to get out ought to be a close and reverse, ie back in.
Fibonacci can be easily used to find out the level upto which a price can go before going opposite. You can exit out a little before that level to make sure that you do not risk your profits. You will need to spend some time with the indicator to get familiar and use it efficiently.
At one time I was impressed by divergence but it seems to only work as randomly reliably as any other method. It still often means getting out after price has started pulling back from a top. A simpler exit rule might be for example, exiting a long on the third consecutive higher close?
At one time I was impressed by divergence but it seems to only work as randomly reliably as any other method. It still often means getting out after price has started pulling back from a top. A simpler exit rule might be for example, exiting a long on the third consecutive higher close?
Early days but I seem to be doing alright with it on the 5 min mostly. As long as I have multiple confluencing factors along with divergence and I check the flanking timescales of 1 min and 15.
You could change your mindset and think “top of my expectation” rather than “top of trend” and think in terms of money rather than instrument price. So your plan could say “unless I”m forced out earlier I aim to take £x,000 from this trade” . If price gets there, you are out at your top and can get ready for your next trade with profit banked behind you. It maybe that you can find nothing better for your next trade than the vehicle you have just used, so what, just climb back on board when signalled. All you are interested in is taking chunks like this and the fact that you could have done better staying in is of no more concern than that you could have done better with instrument x instead of the y you have been using (there’s a lot of could’ve, should’ve in this game, isn’T there )
hope you’ve been keeping well and have been raking it in.