When do you exit an intraday position?

Do you have a set of rules you follow before you exit an intraday position? What is your logic when you exit an intraday position?

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If I m pretty sure about the direction of movement after taking position then at times, I risk my position which is in small profit but stay in to get more.

Case 1- If I m pretty sure with conviction, I would risk my profitable position swinging & allowing it even if it comes in loss temporarily.

Case 2- Normally, If my small profitable position starts swinging towards loss, instead of booking profits, I would keep SL at no profit no loss. So would exit manually. (This SL is mentally kept, other than Bracket/Cover order SL)

Case 3- Most of the time, I would be happy n content with 1% target but yes that 1% movement may increase to 2 -3% but u have to be sure otherwise book your profit n move on.

P.S : 1% movement equals to 20% profit/loss on your capital due to leverage of 20X.

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Half of my position, I will square off if I see any big spike and the candle is near to end of that five minute candle, for rest position I will use a trailing stop loss few points above my entry.

  1. If stop loss triggers I will be in profit for the half that I squared off.
  2. If still price keeps on going up I will keep on updating the trailing stop loss. Expamle if price moves 5 points I will update my stop loss five points form the entry.
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3:00pm

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No Rocket Science.

1.When my Target order get Triggered.
2.When I think it’s Enough for the day.
3.When Stock Goes into sideways Movement.
4.When I see Trend Reversal.
5.When my Stop-loss Order get Triggered.

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Hello Tintin, please also add & tag @Srinivas in your future questions. I feel its not good to ignore mentioning him. He has been a consistent contributor on this forum answering queries & helping others with his posts.

I have noticed that you didn’t tag his name in your previous questions aswell. He may feel ignored n its not nice to do that. He does deserves a mention too.

Tintin, you should not keep anything personal with anyone on this forum. Yes at times we all do get into word wars n arguments. But we should stay as one family. Even I had arguments with srinivas in past but he’s a valuable contributor. We should not belittle someones effort indirectly.
Criticism n comments both should be welcome.

Thanks

Disclosure - Srinivas or anyone, nobody told me to write this remark to u. I wrote it myself.

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till now I dont have any exact rules on this.

I am just a learner and soon be the master :slight_smile:

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wait till end of the day to see if it reaches target and exit at end.

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@Tintin. I don’t trade intraday. I only exit a positional trade intraday if it has reached close to my target. I tried it a while ago and realised I ended up working free for the broker and government. Now I specifically try to avoid intraday coz my trading style (contrarian) cant really work on intraday time frame.

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Hello Mr contrarian! Long time.
What’s your view on monday? Have u built short positions contrary to the crowd who are all on the long side.

Continuation of sell the news & profit booking. Vix will continue to fall

Before 3:10pm at any cost. It never happened. Most of the time around 3

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  1. Exit during loss: usually when price breaches 21EMA or other significant support/resistance levels (I try taking position close to 9EMA}.

  2. Exit during profit: try to exit when I hit my expected pre determined target or other significant support or resistance levels such as pivot points or 50SMA, 200SMA.

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Thank you @Spaceship for having me tagged:) Tintin sent me a message saying that he had missed tagging me and didn’t notice, but thank you.

Some valid exit points according to me:

  1. If the market is trending, either upwards or downwards, then one can hold the position post 3pm and exit anytime after that. Maybe even partially exit till then and allow the last bit of quantity to run till the end.

  2. If there is a decent amount of upmove/downmove during the trading day but the stock could retrace back from those levels after that, then one can exit when they see reversal patterns. Maybe even take a counter position after exiting to profit both ways. But you need to be watchful in this scenario.

  3. If it’s a choppy/range-bound market, then a % target works well. For me, 0.6% to 1.2% is a probable target point.

  4. One could also keep a monetary target for the day to avoid all other factors. Say your target is Rs.2000 with a valid trade qty, then you can also exit when this target is reached. And stop trading for the day unless you see another clear trade opportunity. If your target is not reaching easily, then you will have to rethink about when you want to exit the position.

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@vijender88
HI,
I KEEP MY SL @ LOW OF MY ENTRY CANDLE,
IT’S WORKING WONDERFULLY IN MY SYSTEM, AS YOU MIGHT HAVE SEEN IN MY SCREENSHOTS,
HOW BEAUTIFUL RALLY THE TRADE GIVES.

UNFORTUNATELY I CUT THE ORDER BEFORE TARGET AS LEARNING TO RIDE PROFIT

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I go by time …

If i get the target or bit closer to the target , i cover it.
Otherwise I review at 1.45 and then again at 2.45 whether to exit or hold.
I cover at 3.15 if i m still holding the position.

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I exit when either my pre-defined target level or Stop Loss level is reached.

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What myths are you following?