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Trading Systems and Strategies
Price Action Swing Trading - The PAST Strategy
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[QUOTE="Nigel Price, post: 47293, member: 25485"] Morning, During the course of the Asian session my trendline was briefly broken, driven by some volatility after some Australian economic data was released. I was in my bed so I didn't trade this, but it's worth taking a look at to see how it might have panned out. If I went short on a break of the trendline I would have been entering around the 1.4150 level. Price quickly got to 25 pips profit, at 1.4125. When price moves into profit quickly you then have to think about reducing your risk, bringing your stop as close to breakeven as possible. At this stage of the process we are totally focused on controlling risk, so we take as much of it off the table as we can. Just as quickly as it moved into profit, price began to retrace back towards our entry at 1.4150. We should be alarmed by this. If we are correct, price should continue to move away briskly from the trendline. If it doesn't, we must consider how best to control risk. Perhaps price is considering retesting the trendline from the underneath, as we have looked at in earlier posts. If it does, we can always think about getting back into the trade then. We should never keep a trade open that is showing a loss unless we have a very good reason. We should always keep losing trades as small as possible. Although I didn't trade this trendline break, I am estimating that had I have done so I would have taken perhaps a 10 pip loss, purely because price was moving quite fast. I'd have been happy with that, or even a bit more. 10 - 20 pips is nothing when you see what can be achieved on the big winners. My trendline is still on my chart, and I'll be keeping an eye on it again during the course of today. Hope these posts are of some help :D Nigel [/QUOTE]
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