I am really struggling with overnight trades during the Asian session at present. The PA always seems to come back at me.
I enter a good trade, overnight it reaches a high of about 100 pips somewhere but because I’m asleep I can’t follow what is happening with the S&R lines or candles and close the trade. So, the PA comes back and hits my SL at wherever I’ve put it +10, b/e, etc.
Any recommended strategies for overnight trade management? I usually trade the 4HR charts.
I though maybe:
trailing by the 1HR ATR but feel this will get stopped out lots
setting a TP of the 4HR ATR
setting a TP of the next S&R line (Asian session might prevent it reaching this)
As I’m trading S&R, I’m thinking I should not be moving the SL to b/e at any point but this method does cut out the risk of the trade.
What is the timeframe you stay up on? Perhaps it would be better to wake up every hour to see how it goes. Like have it just beside your bed, so you can see it. (thats what I used to do, until I decided I needed sleep too)
Otherwise, don’t be greedy and set a TP you should be able to project where the price would go well since your trading style seems to be that way (or a price alert, when you wake up and decide what to do (move SL up, etc)
Because if you’re not single already, you would be soon…
Hmmm! How bigger sample are you looking at? Two trades? 10 trades? 100 trades? If you’re trading off the 4 hour you need to be giving it some proper breathing space, and because the Asian session usually has a limited range, if you’re regularly getting stopped out in Asia, pretty safe bet you’re running your stops too close.
General rule of thumb for the Asian session - it generally tends to be a range around the close of the US session. If not, either:
a) there’s a lot of stealth buying/selling. Pay attention to it, it’ll have long term implications (day/week)
b) if it was a spike, there’s probably some stop hunting (not [I]your [/I]broker, I mean collectively) going on.
I’m not a big fan of this half trade closing thing, I’d rather the whole trade failed or won because when it does win, I win the whole lot amount rather than half of it.
I think the problem was hitting the SL overnight because as part of my trade management, I move the SL to break even at a certain point. The Asian session usually retraces for a bit and hits the stop. Perhaps I should just accept the risk with the stop loss and leave it where it is.
By this:
General rule of thumb for the Asian session - it generally tends to be a range around the close of the US session.
What sort of time - say 3-5pm US?
So, take the pippage range from that and have a look over the next few days?
Depends on the pair, but it’s usually the other side of my S&R line.
Anywhere from 20 to 90 pips.
Yes, it’s usually the closer ones that get hit :)It’s only been a problem when I’ve entered trades on the S&R line and price has been hovering/congesting for a while.
you should be able to project where the price would go well since your trading style seems to be that way (or a price alert, when you wake up and decide what to do (move SL up, etc)