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Trading Systems and Strategies
Price Action Swing Trading - The PAST Strategy
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[QUOTE="Nigel Price, post: 47573, member: 25485"] Good evening, So we had a good day today with price breaking our trendline convincingly and falling around 150 pips. As I said earlier, I have one sell position on the break but I was keeping an eye out for a retrace. Price made a feeble attempt to rally mid-morning but it couldn't muster the strength to tag the trendline from underneath and once it became apparent that the bulls were under sustained pressure, price fell away sharply for the rest of the session. The bulls don't look very lively right now, so a retest may not occur at all. But no-one knows what is going to happen tomorrow - if we see ourselves back underneath the purple line again I might consider re-shorting. My primary focus, as always, is to control what I know I can control, and that is my risk. My stop is at breakeven now so my risk is zero. I intend to hold through any rallies that may occur tomorrow or later on in the week, with a view to price falling further. If I am wrong, I get stopped out and I lose nothing. If I am correct my position will grow even bigger. Let's see what happens. The updated chart is below. All the best for now :D Nigel [/QUOTE]
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