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Samuel Blake

Need Advice for Exit Strategy

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Samuel Blake

I have been trading for the past year and a half and trade live on a daily basis. Last December was when I had made the switch from sim.  My equity curve for the first 4 months was increasing steadily as I was beginning to scale my share size. I took the summer off (for traveling) and am now struggling to get back to where I was, the past month I am at break even with a significant amount of data.

Here is where I could use some advice:

My strategy is ABCD patterns that occur only on the 5 and 15 min charts. I have clear rules that define an entry and this has produced very good results. The problem I have found with this strategy is that I cannot rely on a profit target (such as previous day close or Cam points) because these patterns do not produce quick moves similar to ORB's or scalping strategies and they don't have as much potential as reversals for R:R possibility. I realize that a 2R profit target for the first partial is ideal, but I often find myself in the money and take a partial before either being stopped out at break even or bag holding when there are signs of a reversal or significant pullback. Basically I always leave too much money on the table.

I have an entire excel spreadsheet dedicated to my stats and it is very detailed in helping me solve this problem. The question is: How do you exit your position with the strategy you use? 2R, 3R, specific target, scalping? Just trying to get some ideas of how I can try some different exit criteria to adapt my strategy. Thanks!

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