Knowing when to exit

[nkx1]

Generally I have an idea of when to enter an FX position using primarily the MACD indicator along with clestick patterns sometimes the slow stochastic. However I have an extremely difficult time knowing when to exit. Can you guys (girls) share some techniques/indicators you use to help decide when to exit a position?

Thanks in advance for any advice!

[Tzachi]

That the 1000000 Q.
Look into DI+/DI-/ADX.

[midastrader]

You can do the same as when you entered position but on the opposite direction. For example if you enter position when %K cross above %D you exit position when %K cross below %D.

[nkx1]

Originally Posted by midastrader

You can do the same as when you entered position but on the opposite direction. For example if you enter position when %K cross above %D you exit position when %K cross below %D.

I tried backtesting that to see if it would work (just looking back to see how it would have worked out) it's really easy to miss out on a significant profit that way. I think you would still make an ok profit but it would be possible to make so much more if another reliable exit signal were available.

[Tzachi]

If u wait to exit on the opposit signal its too late u will miss all the profit.

Better use ADX with DI+/- CCI .

[Blaiserboy]

some people set a take profit price when they enter the trade based on their view as to what is possible in the next so many minutes or hours..... perhaps they use fibonacci to determine the move or some other method to predetermine their exit

[fairwind]

NKx1

I have tried these with varying success:

1. S/R levels. Choose a recent s/r level as you target.

2. Fib 161%. Place Fib over the last H & L set a horizontal at 161% as your target.

3. Moving average. This is not my favorite but some folk really go for it. Set an MA on your chart when Close of bar crosses it exit.

NB. I am an intraday trader the values you select will need to reflect your preferred chart periods. Good luck.

[Tzachi]

Use the S/R of 30min/1 hour + CCI crossing BACK the 100(+or-) line to have your exit point