Hi all,
Looking for some advice in terms of profit taking for swing trades, ie 3-10 day hold ingperiod.
Do most people who swing trade look for target to take a profit at or just trail the position and if you trail what method do you use.
I have been frustrated as of late in my profit taking. I either leave too much on the table or the price falls just short of my target and I get a break even.
I was working a short in FBTX, financial's rallied from the 8th to the 13th.
FBTX set up with an inside, no demand bar at the top of the down going trend channel on the 13th. Short one of the weakest stocks in a weak sector.
http://www3.stockfetcher.com/sfchart/2124926297.png\
Set a profit target of at the open of 11/8 of 6.55 start of the WRB, nice R:R.
It closed today at 5.6, left almost another 2R on the table.
I need help in figuring out what is the best way to exit or adjust my psychology to live the weakness of either method.
Thanks
Rajiv