Leland,
Needless to say, congratulations should be directed to Lastshadow...I'm just trying to find my way along the trail he made available to us.
Exits:
1. If a trade goes positive and then turns on me I'll exit even.
2. If the trade starts out negative, I'll give it 1 point to retrace before I exit.
3. If a trade goes beyond 1 point, I'll exit with 1 if it turns...if it goes beyond two, I'll exit with two if it turns...etc.
There seems to be an unofficial rule #4 which goes something like...If it goes beyond 3 points go nuts, forget about exits and behave like you're at the races, cheering your horse on. Not at all proud of this one, although it worked yesterday with YHOO, which reversed thru the point cut offs several times before climbing higher.
I am far from satisfied with these "rules", every Monday I tell myself that this will be the week that I examine the Time/Sales at the end of the day and do what ifs with various stops.
1 and 2, for instance, are clearly schitzo...yesterday I was out flat on one PFE trade because it was up 1/8 to start with, in another trade I held on down 3/8 because it started down immediatley and then headed up.
I would appreciate any feedback on exits from the more experienced (profitably experienced) traders on the thread.
Jay
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