Pivot Trading- a new way of Trading

[amandeep86]

Nobody interested in exit strategy discussion?

I am interested buddy....testing few ways on it ,will share as i compile few

 

[vivektrader]

Quoting one post from Smart_trade regarding exit/profit taking:
"Profit taking is an art....look to take profits near previous supports/resistances, look for hammers, intertwining bars,virtual high/low patterns for booking profits.

Smart_trade"
Thanks ST for sharing insight.
Regards
Vivek

 

[vivektrader]

Dear Subhadeep, for intraday purpose, in order to draw support and resistance levels what time frame charts should be used?
Regards
Vivek

 

[Sammy.Young]

Crude Oil Today:

 

[anilnegi]

Hi Anil Ji, can you tell me how did you decide exit level.
Thanks
Regards.

Vivektrader

its most important on how to take exit specially intraday, here is a solution, i always interested to take exit around previous swing, in this could see swing low around 728 so i prefer to take exit around those level as price always so some tendency at that point, but i did not take exit position, instead i put tsl so that i could ride the whole moment, in 5 min chart u can see before my exit one big red bar along with one little green bar the low are the same so i put my tsl above small green bar, maybe price goes further down but since i am not god so it would be better to pocket whatever profit you are getting, i think this is also core of trading.

thanks

 

[PUCHU_2500]

Hi Puchu,

Kindly post any one of 15-min chart where you got the confirmation signal pl. tks !

sammy brother, pls, I am very sorry, did not see your posts in time.....tomorrow also i shall not be at trading hour.....but when I trade must post the probable stock name, but chup chup ke.... nahin tho ST sir will warn me......

 

[vivektrader]

Well, Anil bhai, I understand the importance of pivots in setting targets, but you exited higher up, probably made up you're mind to lock in some profits( I also feel that way sometimes) but this creates a lot of subjectivity. Have a look at chart below, assume we entered short at marked cross heir, where would you exit (I suppose at pivot, fine) but then the bigger move comes later...

Thanks
Regards
Vivek

 

[vivektrader]

The pertinent questions regarding trade management:
The importance of pivot levels and support and resistance in planning exits cannot be over emphasised.
But for intra day purpose what time frame should be used to draw important supports and resistance?
1.When to carry a favourable trade to the EOD?
2.When trade first moves in our favour and then reverses quickly, do we let SL hit or get out as a scratch trade or small loss trade?
3.Whether and When to take counter positions.
4.Is there a role for MA, like if we are short, a definite close above a 21EMA or SMA should take us out below our SL?
5.The role of important candlestick patterns like pin bars, engulfing, hammers and barbed wire(Al Brooks) in cementing exits.
6.Direction of MA vis-à-vis our trade direction?
7.Part profit booking.
These are only some of the questions which I feel we can collectively answer to trade better.
Regards
Vivek

 

[amitrandive]

Amit Ji, can you enumerate some points regarding exit strategy.
Regards
Thanks

VivekJi

A lot of exit strategies depends on your risk appetite.Also on whether you are a trader or an investor.

I had read somewhere "Amateurs know how to enter,only professionals know how to exit properly".

http://www.investopedia.com/articles/trading/04/092904.asp?no_header_alt=true
http://www.swing-trade-stocks.com/exit-strategy.html

Also please read Tavnaz's post reading exits.

http://www.traderji.com/general-trading-investing-chat/96368-general-trading-chat.html#post1125641

 

[Sammy.Young]

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