It is much harder to know the right time to take profit than it is to know when to enter.Castle73 wrote: Wed Oct 05, 2022 12:11 am That's impressive, FourXXXX. What did you use as an indicator for TP? I'm still learning so most of my TP are at the TMA line. The ideal TP is far more difficult for me than entries.
When the band is grey then take profit as soon as price reaches the edge. Except at open as the band can be grey due to a slow premarket, I am always looking for a decent move off of the open. When you have a coloured band let price go to the edge of the name and beyond, close before price renters the band.
Having said that if the open is strong what I prefer to do is set the trailing stop in the EA and let the trade run. I am aiming for 61.85 ADR if price pushes past there it may go much further. If that is the case you could just let the trade run until the trailing stop takes you out.
Really you need to get a feel for price movement of the symbol you are trading, there are times it will go well beyond 61.85 and even well beyond 100% but that is not often. If you are not sure take profit at 61.85 and call it a day.