Where do I take profits for this long trade?

[leovirgo]

Hi all
My system generated a long position on NQ at 1420, since 29th May. I haven't got any firm idea about how to take the profits. It was generated from H1 Hourly chart and as it is trending up nicely, there is no clear levels on H1 chart. I drew some SR lines on daily chart and by using Trader_Dante's trailing method, it is still surviving.

Where is the best place to sell out? What method shall I use?

Initial stoploss was 12pts. NQ as of now is trading at 1490.

Please see two charts attached.

 

[Trader333]

I haven't got any firm idea about how to take the profits

Based on the approach you have taken to entering trades and if you wish to follow a similar exit then you could use the MTF exhaustion engine. However, if you have studied price action then I would suggest exiting based on a price action reversal.


Paul

 

[N Rothschild]

well depends if your a gambling man..either take profit now and avoid any massive sell off after NFP, or hold it and hope for a rally after NFP

 

[TheBramble]

lv - would you be entering this trade at this stage?

If yes, stay in. If no, get out.

 

[nile_croc]

two words: trailing stop

 

[foredog]

sell half now?

 

[Skill Leverage]

trailing stops are gross

 

[Black Swan]

two words:

Take profits when the 'stochastic turns'?

 

[Hoggums]

When you made the trade where was your target? Are you there now?

If you are in profit now and have doubts about whether it's going to continue then get out and take the money. A profit is a profit.

You can always re-enter the position if the situation changes and it looks like things may continue up for a while.

Don't worry about catching all the move. You can't do that, trade what you know.

 

[Black Swan]

When you made the trade where was your target? Are you there now?

If you are in profit now and have doubts about whether it's going to continue then get out and take the money. A profit is a profit.

You can always re-enter the position if the situation changes and it looks like things may continue up for a while.

Don't worry about catching all the move. You can't do that, trade what you know.

I'd always supposed that longer term trend traders always took (banked) percentages; ie they had a target in mind and if it reached perhaps 75% of that they then cashed in and moved on...can't understand the OPs dilemma TBH...

 

[smbtnt]

1500 and 1550

 

[leovirgo]

Hi folks, many thanks for your kind contributions. They mean alot to me.

Currently trailing below 1498.25 ( agressive trailing). Alternatively, trail below 1485 which is yesterday's mean.

Cycle analysis = Daily overbought

Price Action SR line
Also right on SR line from Daily chart (support become resistance) which is 1498 region.

 

[new_trader]

Hi all
My system generated a long position on NQ at 1420, since 29th May. I haven't got any firm idea about how to take the profits. It was generated from H1 Hourly chart and as it is trending up nicely, there is no clear levels on H1 chart. I drew some SR lines on daily chart and by using Trader_Dante's trailing method, it is still surviving.

Where is the best place to sell out? What method shall I use?

Initial stoploss was 12pts. NQ as of now is trading at 1490.

Please see two charts attached.

This is a paper trade isn't it? I mean, no sane trader would enter a position without having a clue as to what they should do after that.

 

[danpayne]

Hi all
My system generated a long position on NQ at 1420, since 29th May. I haven't got any firm idea about how to take the profits. It was generated from H1 Hourly chart and as it is trending up nicely, there is no clear levels on H1 chart. I drew some SR lines on daily chart and by using Trader_Dante's trailing method, it is still surviving.

Where is the best place to sell out? What method shall I use?

Initial stoploss was 12pts. NQ as of now is trading at 1490.

Please see two charts attached.

Truth is no 1 right answer you could look out for divergence on indicators , or watch for revesal pattern on candle , get out first time it closes under 15 day moving average ,etc,etc so many ways , but truth be said you really should have had an exit plan before entry Before anything when I spot a trade the 1st crieteria for me is know the stop loss first. and work the trade out from there 2nd is target , and so on . Anyway nice to see your dilema is over a winning trade , nice one<

 

[karl6666]

This is a paper trade isn't it? I mean, no sane trader would enter a position without having a clue as to what they should do after that.

agree

it has to be a joke or paper trade. 5 days to get 70 pips in the bank. Cash in all your chips now or put a tight stop loss on it and prey

k

 

[Windowsill]

trailing stops are gross

yep

 

[leovirgo]

Yes, it is a pure joke, not even a paper trade, as I was trying to create a winning situation in which current profits exceed initial stoploss by six times (7:1 RR) hence there is a need for trailing stop/exit strategy. To my surprise, too many traders offer in-depth analyses by using Support Resistance, Fib extensions, swing hi-lo, EW wave counts, Delta turning point, multi-time frame analysis... etc.

I purposely left out my entry/exit strategy to see how it would look on other traders' strategy/method. Anyway, life goes on...

 

[Black Swan]

Yes, it is a pure joke, not even a paper trade, as I was trying to create a winning situation in which current profits exceed initial stoploss by six times (7:1 RR) hence there is a need for trailing stop/exit strategy. To my surprise, too many traders offer in-depth analyses by using Support Resistance, Fib extensions, swing hi-lo, EW wave counts, Delta turning point, multi-time frame analysis... etc.

I purposely left out my entry/exit strategy to see how it would look on other traders' strategy/method. Anyway, life goes on...

Bravo, thanks for wasting a minute or two of my time and a few brain cells on you...

 

[leovirgo]

Bravo, thanks for wasting a minute or two of my time and a few brain cells on you...

It was a sarcastic reply. You didn't get my point. It was a serious discussion. I have my own thread entitled VWAP ENGINE and you can see my methodology there. I created this thread to attract wider reaction on my trades.