Page 247

P1: a/b c08

P2: c/d

QC: e/f

JWBK244-Miner

T1: g

August 12, 2008

18:47

Printer: Yet to come

Real Traders, Real Time

233

FIGURE 8.27 Second Unit Trade Management

an ABC (or other type) of correction or beginning a bear trend. In either case, the setup was for a probable continued decline to complete a Wave-C or a Wave-3. Jaime took profit quickly on one unit, just after the market reached the 100% alternate price projection. If the CAD/USD was only making an ABC or other type of correction, this would be a typical price target. The stop on the second unit was also moved to breakeven when the shortterm unit was stopped out. Even if the market reversed up sharply, at least a small profit would be secure for the two-unit trade. The CAD/USD continued sharply lower and didn’t make a short-term low until reaching the 162% alternate price projection, which is a typical Wave-3 target. The daily momentum was still bearish and not OS, so more than likely the trend would continue lower. Jaime did not adjust the stop closer to the market until the January 22 potential Wave-3 low was taken out. This is another example of the difference between experienced and inexperienced traders. The stop-loss was kept relatively far from the market activity until there was a logical technical reason to adjust the stop. As the CAD/USD continued to decline from the January 28, probable Wave-4 high, Jaime then adjusted the stop-loss more frequently to just above each minor swing high. On January 30, the CAD/USD reached a major retracement (78.6%) and minor Wave-5:5

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
Advertisement