Page 222

P1: a/b c08

P2: c/d

QC: e/f

JWBK244-Miner

T1: g

August 12, 2008

18:47

208

Printer: Yet to come

TRADING THE PLAN

FIGURE 8.5 Short Trade Setup, GBP

The GBP declined sharply, hesitating for some time at the 50% retracement, where Jagir exited half of his position at 2.0217 for a small profit of 37 pips. (See Figure 8.7.) Once the GBP reached the 61.8% retracement and the momentum was oversold, Jagir moved the stop on the second unit to one pip above the minor swing high at 2.0230, ensuring at least a small profit on the second unit. (See Figure 8.8.) The GBP advanced off the 61.8% retracement, made a swing high below the protective buy-stop level, and then declined in what appeared to be a minor ABC. Rather than hold the short for a continued decline as originally planned, Jagir exited the second unit once it was clear it should be a minor ABC correction which should be followed by a continued advance. The second unit was exited at 2.0172 for an 82 pip profit. It turned out to be a wise move to exit the second short unit because the GBP eventually continued much higher. Trade Result: 119 pips profit Unit 1: 37 pips Unit 2: 82 pips

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(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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