Need some objective rules to stop-gain

[2cents]

Quote from WmWaster:

Need some objective rules to stop-gain

Hi.
I have problems about closing my positions.
Quite often I close too early, or miss the chance to close my positions.
I need to close my positions in "better" price (it doesn't need to be the highest/lowest as it's impossible).

Does anyone know if there're any objective rules or technical analysis which can help to determine the highs/lows of one wave?
I need to use it in both day & non-day trade.

Thank you!

until you feel comfortable assessing the potential profit range and likely play-out timeline for a move, better stick to hard & fast rules for exits / scaling out / moving stops up to break-even / trailing stops etc. initially its not a bad idea to simply close 80% of yr position when you hit your TP target or at whatever level you are within the timeframe you've given yourself for the move to materialize (even if a loss), and let the rest run with an appropriately defined trailing stop (again set a timeframe otherwise your just gambling...)

 

[gnome]

Quote from WmWaster:

Need some objective rules to stop-gain

Hi.
I have problems about closing my positions.
Quite often I close too early, or miss the chance to close my positions.
I need to close my positions in "better" price (it doesn't need to be the highest/lowest as it's impossible).

Does anyone know if there're any objective rules or technical analysis which can help to determine the highs/lows of one wave?
I need to use it in both day & non-day trade.

Thank you!

Wherever you set a stop, it's ARBITRARY. However, some places are more logical than others. You want to give your trade "breathing room" but exit on some indication the upswing is *possibly* over. Two I like, (a) break of bottoms line, and (b) break of prior dip low.