Quote:
Originally Posted by hypnos63
hi
is anyone else having trouble with setting theright exit for this system? when you wai for the RSI to cross below 50 you will have incurred a several pip loss. if you wait for the EMAs to re-cross the loss is even bigger. if you look the '50' and '00' exit points the price may not reach these, and retrace.
does anyone have an exit strategy that is working for them? please tell me. appreciate it.  |
With Cowabunga, you set your target exit point based on the entry level and last swing hi/low. I believe it's the closest of "the next 00 or 50 level" or "the same as the stop loss". It's contained in the explanations of the system.
What I do, is if I am here and watching it, I don't place the order at the target; I instead set an alarm to warn me when it gets within 5 or 10 pips. If it clears hits the target with momentum, I will let the whole thing ride. If momentum slows or stops, or if it's ranging when it hits the target, I will sometimes wait for the close of the bar, or sometimes I go ahead and take HALF my position off at the target. Then I let the other half ride, with a trailing stop of about 15 pips. If I wait for the close of the bar, and if it does make a clean break, I will move my stop to break-even, and watch it some more.
If I am not going to be here to watch the trade develop, I will either just place a pending order to get out of the whole position at the target, or I will place two orders, one to close half the position at the target, and the other to put a trail of about 15 pips on the other half once it hits the target.
No strategy is perfect.
This is what works for me.
I also don't have a ton of experience at it, if I had done it this way for a year, I don't know if I'd have done better or worse than PipSurfer.
But you asked for opinions, that's mine--
Jeff