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Price Action Swing Trading - The PAST Strategy
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[QUOTE="Nigel Price, post: 47599, member: 25485"] No worries myknees, glad you liked it. As far as today is concerned, I don't envisage much happening on Eur/Aud that is likely to interest me in terms of new trades. I have two positions open at the moment and I don't really see any good trendlines that look like they might offer any opportunities. Let's consider what can happen and how we might deal with the different possible situations: [B]Option 1:[/B] Price could just continue lower. This obviously would be the preferable option for me, as I am already in the market short. [B]Option 2:[/B] After the sharp drop yesterday price could just consolidate quietly sideways/slightly upwards for a while. This could develop into a trendline on the shorter term timeframes that could offer a selling opportunity over the next few days - we would have to wait and see. [B]Option 3: [/B]Price could stage a short-covering rally back up to the underside of the trendline. This could well take my stop out at breakeven on my second position, but I could look for new selling opportunities on the retrace to the trendline. It would offer people who aren't in the market short yet the chance to sell at a pretty good price. [B]Option 4:[/B] The bulls could stage a spectacular comeback, steam through the trendline and on to new bull market highs. This obviously would be the worst scenario for me, but I have to always concede that anything is possible. It has happened before and it will happen again. Frustrating? Definitely. However, at the same time I would lose nothing, because my stops are at breakeven. Risk is off the table now and I am playing with the market's money. See you soon :D [/QUOTE]
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