Quote:
Originally Posted by linalm
Hi everyone,
After reading this thread, I still have few questions regarding how to handle the take-profit part of a trade: 
1) Do you enter the trades without take-profit orders and glue yourself to the screen watching price action until you manually close the trades at the appropriate time for you?
2) Do you place a take-profit order when you enter the trade instead? If so, and the trade is a winner, what do you do to ride the favorable wave and collect as many PIPs as the momentum gives?
3) Any other things you do? If this is the case, your detailed explanation will be much appreciated.
Thank you in advance for your input.
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I use multiple lots, setting sl and tp orders upon entry. Some profit is locked in at the target (as per PipSurfer's rules) and unless there's a 'clean break' of the target (price closing above/below target), the rest will be taken off. If price breaks and closes beyond the target, the rules state moving the target to the next 00 or 50 level (whichever is closest).
I will also use fib extensions for targets occasionally.