Hi everyone, hope you're all well.
A simple question but one I'm sure everyone will have their own answer to. What do you do with open trades that were entered and are being managed on higher time frames? Daily/weekly are fine, just be aware of when the new candle starts, but what about 1 or 4 hr charts? Do you set your stop and target and forget, close for whatever is available, or set an alarm for every 1 or 4 hrs whenever a trade is running and make sure you're there to make the necessary adjustments?
Thanks, Dave
What do you do with open trades?
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Dave
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Topher
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Re: What do you do with open trades?
Dave
A very good question and something I still struggle with to this day.
For me the simplest method is to have belief in my trade, set a sl and tp and let it do its own thing, however, it is not always that simple. So I use THV Cavemanager which has several options to manage the trade. The one feature that I particularly like is the trailing candles feature. After the trade has moved a certain pip value (determined by the user) it will then trail each subsequent candle by a pre-determined pip amount until either the tp is hit or the price falls back and hits the sl.
Hope this was of some help and I will be interested to hear what others have to say.
Richard
A very good question and something I still struggle with to this day.
For me the simplest method is to have belief in my trade, set a sl and tp and let it do its own thing, however, it is not always that simple. So I use THV Cavemanager which has several options to manage the trade. The one feature that I particularly like is the trailing candles feature. After the trade has moved a certain pip value (determined by the user) it will then trail each subsequent candle by a pre-determined pip amount until either the tp is hit or the price falls back and hits the sl.
Hope this was of some help and I will be interested to hear what others have to say.
Richard
The forex market will pay you well for discipline.
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Tomi
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Re: What do you do with open trades?
Hi Dave,
I'm trading lower time frame only at least at the moment. However, if I would trade higher time frames I would like to use AIMS Trailing EA. According to screen shots Grant is using it and the EA is in beta testing phase and not released officially yet. But that would be one very good option for open trades!
Kind regards
Tomi
I'm trading lower time frame only at least at the moment. However, if I would trade higher time frames I would like to use AIMS Trailing EA. According to screen shots Grant is using it and the EA is in beta testing phase and not released officially yet. But that would be one very good option for open trades!
Kind regards
Tomi