Intraday (M15) - 25 June '09

Today, I made some minor adjustments to my TP mechanics. At the suggestion of my friend who is an institutional trader for a French bank, I tested the use of Parabolic SAR (Step: 0.01, Maximum: 0.1) as a guide for exiting trades. In summary, I still set the SL at B/E with the TP level being the next pivot level in sight... whilst eliminating the use of trailing stops. However, I will have to exercise my discretion to TP, should the direction of the Parabolic SAR change before hitting the next pivot level.

The results are encouraging. I found that I'm less frequently taken out by the market mid-way through and consequently, the yield per trade has increased. In all, I made approx. USD80k from 16 trades today with 12 wins, 1 loss and 3 break-evens giving me a 75% winning record.

I will continue to test this exit strategy as it looks promising. Overall, it's been a good, solid day.


Stewart said...
This comment has been removed by the author.
Stewart said...

Hi MiniBahn... I am ALL OVER your Blog now... Sorry! Deleted last entry because of spelling mistakees!

Just caught my eye about trying different exit strategies. One I have found works really well for me is, when the price nears an area you think [might] be a turning point, I begin to concentrate on 'Constant Range Bars' charts & move my SL up to just below the indicated dips or tops for longs & shorts respectively as they form.

In a very rapidly moving market I only use these charts, with the candles ranges set to 8 (10 for Yen pairs) & get out on two 'wrong colour' candles, I find this works exceptionally well for big stuff such as NFP or a sudden rush in the market.

I am probably 'trying to teach my Granny to suck eggs' here but I hope I can be of some sort of help!

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