How do you plan your entry and exit points?

Beginner Questions
1

Hi,

As the title says i am just curious how others determine there entry and exit points when entering and exiting a trade, it’s something that i am undecided on while looking at a potential trade opportunity.

Thanks

2

i enter trades according to price action techniques, aiming to enter long or short on retracements in uptrends or downtrends respectively

i exit trades according to the technique described in this post - Exit Indicators

3

I determine entry using price action in areas of major supply or demand.
Primarily a candlestick is what I look for, but I also use Fibo for retracements, and EMAs for confirmation in my areas marked for reversal or continuation.

My exit is pre-determined at the next level of resistance or support from my analysis. Letting the trade play out took time to conquer and patience.
At first I found myself trying to guess what the market would do, and exiting early to avoid losing profit, only for the trade to go on and hit my TP area.

Whatever you decide to use, believe in it and don’t over manage the trade :slight_smile:

4

i search for a channel at the daily frame then move to the one hour frame to see which direction it is heading using same channel and finally jump in when price touches the border of the channel using a 100 point SL
when price reaches the other side of the channel i get out when i see a change in direction
i do not rely on moving avg a lot

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5

Do you wait for price action when it reaches outside of channel to determine entry or do you ever use pending orders at these areas?

6

I check the chart every hour and analyse the shape of the candle that reaches the side of channel plus i have support and resistance line
check this chart for Gold US time now is 21 55 gmt
price has moved into a lower channel it might stay there thursday
and if it does not go back to the first channel
it might go to the third channel and that is where the money is

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7

It makes sense to create a checklist before placing the next trade. It will help you to determine the points, check the trend, support and resistance line. Also if it easier for you just use forex indicators to understand entries and exits. And don’t forget to track your results to improve the overall performance.