tailieunhanh - The Master Profit Plan Your 5-Step Trading Plan Workbook by Vadym Graifer_6

Tham khảo tài liệu 'the master profit plan your 5-step trading plan workbook by vadym graifer_6', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | PART THREE Practical Examples 149 point we have no more clear setups so we let the stock decide what it wants to do. Our morning impressions were to look for distribution but not to gamble on it. The breakout of the open-high and pullback scalp trades were valid. Tape-reading principles for entry and exit and chart analysis for trailing stops defined our exit strategy. Now we had one more play on it. The bounce from 133 4 went to 141 8 and stalled. I had an inkling that distribution was still an impression so I wanted to look for a short setup. In this case the range was 133 4 to 141 8. The play from point B on Figure EX1 on the scalp reversal leads us to the range defined. This is shown by lines R1 and R2. Now traders have two options. They can short the high of the range or they can wait for confirmation of the break of the low and try the short. As we ve said before trading the confirmation is tougher because the uptick rule doesn t always allow entry into the short. When I find reasonable chart resistance and the high-range resistance is solid I have no problem taking a short entry at the high of the minirange. In reviewing the trade I set the stop a bit wider than it had to be 141 2 seemed to be 1 4 point higher than where I would have liked to have it but hindsight is 20 20. I used 141 2 mainly because it was where the stock began to slow on the tape on the run-up. Fibonacci analysis says that 141 4 would be plenty. Either would be fine depending on which you choose to follow. As we failed to break 141 8 a few times I began to get an intuitive feeling that it would drop below the support we d defined so we went with shorting before the confirmation of the breakdown. This was at 1313 16 to 137 8 depending on where we could get in. I think we saw most at 1313 16 which was fine. Now that we had entry we looked for an exit strategy. Once again we were using support principles as well as tapereading principles to define the strategy. The break of the 133 4 support

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