Intraday Exit Strategies

[Scorpius]

So I have a killer entry technique for 15 minute charts and yet my exits are not defined so hence I have no trade plan and no trade plan = ........

Can anyone share their exit techniques using indicators or price action or scaling out etc? This is the hardest part of the puzzle me thinks..

 

[Adamus]

Plug it into your computer with a standard exit, for instance exit after 30 mins. Don't put any comm & slippage on it yet, just see what % of the entries turn out profitable with that entry technique.

 

[JTrader]

So I have a killer entry technique for 15 minute charts and yet my exits are not defined so hence I have no trade plan and no trade plan = ........

Can anyone share their exit techniques using indicators or price action or scaling out etc? This is the hardest part of the puzzle me thinks..

wouldn't it be handy for us to see your entry technique first?

 

[timsk]

Can anyone share their exit techniques using indicators or price action or scaling out etc? This is the hardest part of the puzzle me thinks..

Some suggestions to play around with:
1. Use a percentage of ATR.
2. Close if price breaches the high / low of the previous bar / candle.
3. Add a moving average and close half if price crosses the MA and the other half if it closes the 'wrong' side of the MA.
4. Close at next obvious S/R area, round number, Fib level etc.
5. Combinations of the above.
Tim.

 

[JTrader]

Some suggestions to play around with:
1. Use a percentage of ATR.
2. Close if price breaches the high / low of the previous bar / candle.
3. Add a moving average and close half if price crosses the MA and the other half if it closes the 'wrong' side of the MA.
4. Close at next obvious S/R area, round number, Fib level etc.
5. Combinations of the above.
Tim.

No. 2 is not very practical IMO. Often such a plan will require HUGE stop losses.

 

[timsk]

No. 2 is not very practical IMO. Often such a plan will require HUGE stop losses.

Yes, good point JT. I ought to have added '. . . in a shorter timeframe'. I favour a three minute chart myself. It's fairly obvious - but I'll mention it anyway - that the tactic is best deployed when the instrument being traded is trending strongly. It's not such a great technique in a choppy market.
Tim.

 

[Scorpius]

Thanks Timsk, I use 15 min charts and I like the sound of this one.

3. Add a moving average and close half if price crosses the MA and the other half if it closes the 'wrong' side of the MA..

Just been closing on "gut" so far but I want to make this more mechanical. Cheers Scorp

 

[stocktrader77]

What instrument are you trading?

 

[Scorpius]

Intraday Ftse 100 Daily Future and possibly Dax.