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P1: a/b c08

P2: c/d

QC: e/f

JWBK244-Miner

T1: g

August 12, 2008

Real Traders, Real Time

18:47

Printer: Yet to come

205

FIGURE 8.3 Unit One Exit

specific trade management plan for both units before the trade was even executed. Once the EUR/USD reached the first price target zone for a Wave-C low, Adam used the trailing one-bar-high entry strategy following the 60m momentum bullish reversal. Adam was quick to take a relatively small profit on one unit. Once price reached the minor 50% retracement, Adam trailed the stop at the 60m 1BL, taking a relatively small 46 pip profit. At this point, even if the EUR/USD did not make an ABC correction at the December 20 low and reversed to make a new low, stopping out the second unit, he would still have made a net profit of a few pips on the two-unit trade. Adam held the second unit for the potential of a longer-term trend, which he anticipated from an ABC corrective low. A key feature of his success is he kept the stop on the second unit relatively far from the market, only adjusting the stop following a 60m momentum bullish reversal, a very logical strategy. Unsuccessful traders often trail the stop much too close to the market and get stopped out for a relatively small profit when they could have held for a much larger profit. The EUR/USD continued higher a few days after Adam was stopped out but this did not concern him. He is more concerned having the patience to wait for a high probability

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  

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