Struggling with overnight trades (overnight trade management)

Beginner Questions
1

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.

It’s more that I move my stop loss to break even after price has moved at least 50pips.
It is this that then gets hit sometimes overnight and then price moves in my direction anyway.
I could leave the stop where it is but this leaves the risk of the trade open.

2

Set a reasonable profit target, then go to bed. If it’s running up 100 pips, why not just have that as your profit target. Or perhaps 75 pips to ensure you’re getting your money’s worth.

3

ever heard of trailing stops?

4

If this is happening to you, i feel that you are not taking the time to plan your trade properly. You see the direction, but do not take the required time to actually try and figure our where the trade will end up, and this is what is causing your problems.

If you are going to trade while you sleep I believe that you will need to use common “Zones” around the price, I think you will find that your success rate will be much improved. Personally I tend to use Barry’s Support and Resistance, Pivot Points (Including the 3 S/R levels), and then the common points like Previous Day and Week High/Low and Close.

Also, you will probably need to set your stop losses around these areas as well. My T/P are usually inside the zones, and my S/L are outside the “zones”, giving Stop losses plenty of room to breath, while allowing price to fall short of the zone and still hit your T/P.

Finally, For overnights I like to use these zones as my entry, and tend to place Limit orders above the current support or resistance that is containing the price.

Now, here are a few other things to keep in mind:

[ul]
[li][B]Your Risk/Rewarrd ratio needs to be better than 1:1.[/B] Meaning that you T/P should be more pips away from your entrance than you S/L.[/li][li][B]You should always stay within your Money management rules,[/B] if the S/L is too far out for your money managment, reduce the lot size or stay out of the trade. Personally, my comfort zone is within 150 pips on the overnights, but my lot size is relatively small.[/li][li]Watch the pairs and how much they tend to move. Knowing this gives you a map of where to start aiming. For instance, I would not be comfortable with a UJ overnight that targetted 200pips, yet may take that trade on the GJ. The UJ tends to move much less than the GJ.[/li][li]Dont force a trade, if you cannot see the entry and exits and it does not feel right, stay out.[/li][li]Dont be afraid to move your T/P or Stop loss in, if the market tells you to. You are much better off getting out of the trade at BE, then losing. On the same hand, if you are in the money, but feel that your move ran out of steam, feel free to close or partially close a trade. There is not need to feel bad that you did not call the correct T/P.[/li][li]Understand and accept that losses will happen. If you R/R Ratio is better that 1:1 and you win more than you lose, you will make money in the long run. (If you do not believe this, just go to a casino)[/li][/ul]