Extra Pips

Trading Discussion
1

Hey Guys,

I have developed a trading strategy of simple Moving Average crossover confirmed by RSI (Relative Strength Index). Most trades I automaticall go for 30 pips trading a 1 hour chart. I have been quite succesful but I get frustrated watching all of those pips continue in my direction after i am stopped out at 30 pips. But if I strictly follow my trading strategy I must wait until the next Moving Average Crossover to enter another trade.

Does anyone out there have a strategy to catch those extra pip movements?

2

yes

yes i do

3

Could you share the startegy with me

4

close out half your position at 30 pips… move rest to BE, let it ride

5

Thanks

What is BE

6

break even

7

THANKS

REST must be my stop loss right?

8

example

10lots eur/usd

bought @ 1.5 long

S/L 1.4985
T/P 1.5030

once it gets around 1.5030, you cash in 5 lots @ 1.5030, then move your S/L to 1.5, from there you go for as many pips as you want and you won’t loose money the most you’ll do is BE

9

Thanks for taking time to explain this to me. I wish you much success in your trading Maverick731.

10

thanks, and above there to edit it I meant the worst you’ll do, not the most you’ll do because if your trades keep going in you’re direction you’ll be making alot more than 30 pips :-p

11

Use trailing stops

12

As said before trailing stop is one option.You could use Fibs (if there is ABC pattern) to see where price might go.Then you could set multiple Profit targets.Also you could monitor SMA cross and RSI.When the slope of both indicators start to change from up to more flat or down,exit the trade.That is not bulletproof way to catch the whole move.Profit targets sometimes are found @ Support/Resistance areas.
MOST IMPORTANT is that you should not be greedy!Greed could be cause of death as trader…
Regards,
VingTsunKuen

13

Thanks VingTsun