Page 248

P1: a/b c08

P2: c/d

QC: e/f

JWBK244-Miner

T1: g

August 12, 2008

234

18:47

Printer: Yet to come

TRADING THE PLAN

FIGURE 8.28 Second Unit Exit

price target, plus the higher time frame daily momentum was oversold. The CAD/USD was in a position to complete a five-wave trend, and Jaime then trailed the protective buy-stop on the second short unit closer to the market. The trade was stopped out on January 31 for a 245 pip profit on the second unit. Each trade management action was taken as a logical consequence to the price, pattern, and momentum position of the market as it unfolded. During this period, the CAD/USD appeared to be making textbook E-wave structures, which were helpful to identify the trend position. This is not always the case and is not necessary to make trading decisions, but it is helpful to recognize the probable pattern position if one is being made.

CHAPTER SUMMARY In this chapter, you’ve seen trades from a variety of markets and time frames by traders from around the world who have learned the high probability trading strategies taught in this book. The traders varied from relatively new to those with years of experience.

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