Struggling with overnight trades (overnight trade management)

[SanMiguel]

I will set my stop where I think it should be on the other side of S&R, if it continually hits that then I'm doing something wrong.
If the trade is in profit, you could move it back to allow overnight movement in the Asian session but no less than break even I think.
It's more that it moves into profit and I can't close the profit overnight, then it comes back to the S&R line. If I'm targeting the next S&R line as profit then it doesn't always get there, I would have been better to target the ATR?

 

[SanMiguel]

I will set my stop where I think it should be on the other side of S&R, if it continually hits that then I'm doing something wrong.
If the trade is in profit, you could move it back to allow overnight movement in the Asian session but no less than break even I think.
It's more that it moves into profit and I can't close the profit overnight, then it comes back to the S&R line. If I'm targeting the next S&R line as profit then it doesn't always get there, I would have been better to target the ATR?

 

[KillPhil08]

rossini - search socrates in t2w.

 

[Technically Fundamental]

I will set my stop where I think it should be on the other side of S&R, if it continually hits that then I'm doing something wrong.
If the trade is in profit, you could move it back to allow overnight movement in the Asian session but no less than break even I think.
It's more that it moves into profit and I can't close the profit overnight, then it comes back to the S&R line. If I'm targeting the next S&R line as profit then it doesn't always get there, I would have been better to target the ATR?

Need to change your trade or your targets then guy. I just opened a thread on automatically closing positions. Use a limit order or order to open. DONT FORGET ABOUT SPREAD

 

[Rossini]

On a serious note through Aaron, I wouldn't go giving advice out on the forum. It would be a bit like wasp giving advice on criminal law.



I know this raises a whole load of issues, like how do new people know who are the traders worth listening to, and ones to ignore? But as you are very new to this, so new you have just learned to put on a limit order! I think it best that you do not give direct advice (nothing stopping you joining in on discussions though, its quite funny;-)

 

[foredog]

Greed and fear


You don't want to pt up a limit order in case you miss "the big move"

You won't take off half "as this will limit profit"

But you want to move your stop back so you could end up with no profit?

If you take a decent profit you could always re enter or there will be another trade but if you keep giving back all your profits then you'll end up going mad chasing "that one big one"

concentrate on not losing too much then the profit should follow.

 

[Rossini]

rossini - search socrates in t2w.

I know that socrates used purple ink, and N_T 'copyed' him. But the reason why is not clear to me? Emulation, respect?

 

[Technically Fundamental]

On a serious note through Aaron, I wouldn't go giving advice out on the forum. It would be a bit like wasp giving advice on criminal law.



I know this raises a whole load of issues, like how do new people know who are the traders worth listening to, and ones to ignore? But as you are very new to this, so new you have just learned to put on a limit order! I think it best that you do not give direct advice (nothing stopping you joining in on discussions though, its quite funny;-)

Look at my signature

anyway shut up i used to use orders to open... lol

 

[SanMiguel]

It's more that I move my stop loss to break even after price has moved at least 50pips.
It is this that then gets hit sometimes overnight and then price moves in my direction anyway.
I could leave the stop where it is but this leaves the risk of the trade open.

 

[vinicius]

Are you a risk taker??

I trade using S&R as well generally the price cames to a strong level and bounce back.. Sometimes the price rocket in your direction, sometimes buyers are not strong enough and price goes down again to check the support. I see this movement as a "breath" where the price goes down and brings a "chance" for new buyers get in.. When this happens the moviment upwards will be stronger and then i place my stop to break even or so. That way I get the bigger move.

You must be aware if you are playing just a pull back or if you are with the trend.. If you are playing pull backs, take you 100 points and get off. If you are with the trend you start to place your stop below the next level of support and so on...

 

[SanMiguel]

It is the bounce back that causes me problems because I usually trade the first rejection.
Trade first rejection, once price has moved 50 pips I set my stop to b/e.
Then the bounce back hits my stop. I could trade the bounce again but I'm usually asleep.
I guess the answer is to leave my stop where it is until price has got to the next S&R.

 

[foredog]

It is the bounce back that causes me problems because I usually trade the first rejection.
Trade first rejection, once price has moved 50 pips I set my stop to b/e.
Then the bounce back hits my stop. I could trade the bounce again but I'm usually asleep.
I guess the answer is to leave my stop where it is until price has got to the next S&R.

Still think you'd be better taking half off if it's hit +50 then you can leave stop on other half at original place

Half off at R:R 1:1

Keeps going, oh well only 50% profit on extra move.

Pull back overnight, buy back in at exit in the morning.

Goes back to BE....still up on that 1/1, either wait or reenter

goes all the way back to original SL well you're "out for nowt" beacuse you took half off at 1:1

 

[trader_dante]

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

Just discovered this post.

"Wide stops" is a very relative concept. I use wide stops compared with a scalper I guess but actually I've had a fair few professional position traders (not just talkers, big money earners) that have told me that my stops are too tight.

My stop placement suits me fine. I agree with new_trader that you want to keep your stops as tight as possible but that requires a lot of screen time and attention to the position you are looking to take. I try to limit my screen time and trade off the hourly so my entries are often after a level has been confirmed (e.g. price has bounced and moved away from it). My stop is usually wider to compensate for this. But we're not talking hundreds of ticks/pips. On average my stops are around 30-40 pips/ticks but of course it does depend on the setup and the market being traded.

Still, I always make sure that the expectation of my r:r is at at the very minimum 2:1.