Need some objective rules to stop-gain

Discussion in 'Technical Analysis' started by WmWaster, Jan 28, 2006.

  1. Need some objective rules to stop-gain

    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!
  2. When you mentally high-five yourself on an open position, exit half and trail the rest. It's more reliable than it sounds.
  3. Use ET to look up the phrase WRB Analysis Profit Targets...

    It'll help with your exit (profit target) methodology.

    Then once you understand it and began to apply'll help with your trailing stop methodology.

    If you need any help...just let me know.

    (a.k.a. NihabaAshi) Japanese Candlestick term
  4. It all depends on your Risk Reward expectancy on your trades. Whats your risk/reward ratio?
  5. I searched in vain.

    There are only 7 results, but no thread talks about "WRB Analysis". By the way what does WRB stand for?

    Any help to point me to correct thread?
  6. Hey.
    Sorry, but does it matter?

    To me, the best practice is I can enter at the start of a wave and exit at the end of it.

    I won't set a fixed target on that wave. It depends on how far it can go.

    In a large wave, there're several middle waves. Instead of just sitting and waiting, I would like to leave at the top of each middle wave, and re-enter when it retracts a bit.

    That's my plan.
  7. The fallacy with risk reward is that high ratios of reward to risk don't increase the odds of winning.

    People assume that they do. They don't. Risk reward doesn't mean anything. All that matters is winning the trade. Trade selection is the only thing that matters. People are lulled into taking trades because of risk reward and then get stuffed.

  8. It matters. But, for you.. the place of exit would be wherever you think the wave is over, get out when it pulls back to an amount equal to where your original stop would've been.
  9. I agree.
  10. Would you mind telling me how you use risk/reward ratio to determine exit point?

    After all, what I ask is I need some objective ways (eg technical indicators) which can help me to determine (roughly) about when a wave ends / where is the top of a wave.

    Any input?
    #10     Jan 28, 2006