hi oasis- thought i would post this for you . as you probably know i like to trade pullbacks with trend ( as i determine it.) i usually like the pullback to be at least 50 percent of the last move. this pullback was 100 percent of the move, actually it almost went to far which would have indicated to me it was consolidating or changing trend. my stop gets moved to breakeven at 1R. i wait for it to move another twenty five pips and then will move the stop again to 1R and set the stop to trail dynamically and see what i get beyond that. this is a very simple strategy that does work well over time. you wont get the big returns some people get but it is consistantly profitable , although it does throw me the occasional losing month all in all i cant complain.
No 2 traders will draw a trendling exactly the same. It is too subjective and will depend on what you see and how much data you fit in. Here is another updated picture showing the trendline still holding after several tests.
Thanks for posting your thoughts. I am sure you are trading well as always. Regards
hi oasis-i thought i would follow this through for you. the original trade closed at break even. i got another entry signal and entered short again. this time it move a little farter in my favor and currently sits at 1 R profit. i ll set to trail dynamically and see what happens. most of the time i dont get much more but every once and a while the market throws me a littl gift.
:) Nice. Hope you make a lot of pips.
All the best for this week.
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