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P1: PIC/PIC c07

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JWBK244-Miner

QC: e/f

T1: g

August 12, 2008

13:9

Exit Strategies and Trade Management

Printer: Yet to come

193

FIGURE 7.20 Adjust Stop on LT Unit

fact that this was only the short-term unit that was exited relatively quickly in the event the EUR/USD was only making a corrective rally and not a continuation of the bull trend to much higher levels. We have no more use for the 60m data. We’ll mange the LT unit with the weekly-daily data. Figure 7.20 is the daily data through September 5, the day the daily momentum made a bullish reversal. Trade management (LT unit): Adjust the stop to one tick below the low made prior to the daily momentum bullish reversal. The LT unit stop is adjusted to 1.3549. Until the weekly momentum reaches the OB zone, adjust the stop to one tick below the swing low made prior to any subsequent daily momentum bullish reversals. Most new and unsuccessful traders focus on a very small time frame. They trade for ticks or pips instead of trading the larger trends for points. The objective of this trade was to trade the larger time frame weekly-daily trend for a probable bull section that would exceed the July 07 high. The intraday data was used to trade the short-term unit for a trade that may only last a few days in the event we were incorrect about another bull trend and the EUR/USD was only making a correction to the recent decline followed

Profile for ERIC  Hunt

(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

(wiley trading) robert c miner high probability trading strategies entry to exit tactics for the for  

Profile for erichunt
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