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10 Now, lets look ni what happened in that last hour ol trading. After my exit from the congestion oi the S-IGO area, ifie market plunged hack down, [ ifTon began a somewhat orderly recovery, jnoving up for nnost of Ifie ast hour of tracfing, CL 5 mmiz 1 uds interested in t]ie tuG narked oi> ihr: ciiar t. Uhy? loc<iLEEe tjie first one rnpresenteii <t breakout of the fiicfh of tJiree The SECojid one uas a jreaknut of tJie bigh twa days aye. Both uerc coijycsticns just irior tn inter-nediate event. 2 T 10 iiii 2 9 II.dill 11 357G 3560 3550 3510 3530 352G 3510 3500 3190 31 0 3170 31 .0 3150 3110 3130 3120 3110 3100 3390 33E0 33V0 33t0 3350 3310 3330 I <jifl not panicipate in tlu* tracjing during diat last hiour, being otherwise engaged, liven witliouL tradjmj ifiat last [breakout, I shil rjid very welL So, I asked nyself, "Wfiy do I need to hade tlian a oouple oi weeks out rd eaefi inoritfi?" Ill sfiow another cKompfe. Its tiappening right now on my computer screen as t write ttiis. Its a perfec! example of what I mean. IG 11 <- Higli of tujo fUigs ago. Long on a breakout of the high of tua day ago ,-> Lmig <ir a breakout dT .--. I yRterdays <-VesterdyjT liifdi. liiyb -> -Oiitfdincf price raiite inoUides todays oien ~-------------) 7 8 F!.i liii Ll I.. 12 t 1 I Kow, Ill show how this irhde developed. 7 6610 6636 6632 662 6621 6620 6616 6 2 6608 6601 G6D0 65% 65 2 6SGG 65B1 65B0 6576 6572 6568 6561 6560 6556 6552 6548 6511 6510
DM 5 ihl! This Is wliere I left ->i this 1 » on the previous  <-7his, too, was a prior conyestiaii Dial natches tlic one seeincf liere----- > 2 :; jff the previous tuo congest ions to sliou just ubnt [ an neferr iTiiJ to. I 4, II.....I i < I 663S 6636 6633 8630 6621 &610 6615 6606 6603 6600 65 7 6554 655! 65Ea 6S85 657 6576 6573 6570 So, what vvero the resuUs nl my trading had I traded only tl-rcc lots? Long (3) at CnO-l {[>ne hc:k over yesterdays high). PrtXective .nuj)s i3\ i\\ 61389. bo! ol 1 contract at 6612 at the market [tried lof GGlh Cancel re[jace (3) stops at 6 89 with [21 stops at G594. Lorig (3) al CGlfi (1 tick over high of two diiys ago. Tolal !ong {5). Cancel replace [2] stops at 6594 with (5) stops a; E3G01 5 points below [ast (intry). Ov:t f2) at 6G24. Taking profits on the second contract !rom f.rst and coveriru costs on the first contract oi second set. Cancel replace ( ) sto[>s at GG01 with [3 coritracts to let run. Otd [3) at 6650 hioi shown! Straight cancel rernainmg s.ops. Mow I can count my money the dealings done OPS a; 661 1. Mow loru <3) I got fong my tirst set of contracts when tfie higfi of tfiG congestion marked tfl was takeri Okit, ! because it was tfie high of (he prtjviuus day (that was only coincideittnl), but because it was a fjreakout of tfie congestion just prior to a breakout of yesterdays high. I got long my second set of contracts when the high oi the congestion marked #2 was taken out. Tfiis was a few ticks prior to the higfi of two days ago being taken out. 1 want to siress that. I GO WITH THE BREAKOUT OF THE CONGESTION PRIOR TO THE BREAKOUT OF THE HfGH OR lOVV Oi" THE E:NTRY-S1GNAL DAYl
Does it always go ihis smoothly? Lets lake a look BP 5 nrnUTE Vij: Lnrliiy h it]i yesterdays close 111 Lof na tell ToJ-iys open -> i .Ml ifIi ll i.....I 7 0 tt2 Lnng liere 13130 1 120 19110 lOlOO \33)0 19380 19370 1 360 19350 19310 1 330 rJ320 19310 19300 19290 192U0 19270 I92f.0 19250 19210 19230 19220 19210 19200 19190 19100 11 Ihe brc:ikoui of yesterdays fugh was a significant event for my earlier three contracts, then it sorely is a signihcant event now - even more so. S MthUTE Yesterdiiys higb -! W 1 Lufvj here l4ia <-> natcb *; -> 11 11 ElM ll I.....I 11 12 t.iij 7 0 1,1 I 12 13130 19120 19110 191G0 19390 1 380 1937G 1336G 19350 19310 19330 19320 19310 193G0 1929Q 19200 19Z7G 19260 19250 192i0 19230 19220 192 IG 19200 19190 19100 ; got long [3] Bri.ish Pound contracts at 1 338, shown as long. My first objective was (o cover costs at about 19358. I placed 3 protective stops ai 1 93 1 8 (risk 5125 per contract t costs = ± 5 1 50 each. I got out of 1 contract at exactly 19358 and haggod about $100 after costs on that contract, So far so good. 1 replace canceled ny 3 protective stops at 19318 vth 2 proteciivo stops at 19323. Then the market vverK against me and I was stopped out ol two at 1 323 for a total loss of aljou! $105 including costs. Tfie n.arket dropped fuUher and tfien climbed back into the same congestion area that it had the day before, and that it had eorlicr on this day. again went long [3) British Pound contract-sets at 19338, .shown as P2 long. My f.rst objective was to cover costs at about 19358. I again placed 3 protective slops at 19318 frisk around $150 per contract including costs). The niarket marched upward, ar.d I exited . 1 refjEai Stops at 1932S iiifurvtiL iiLcsiL-iitJU upwcHLp cH-u i rxiLiu 1 t U t plDCeSn 9353. 1 rt>fj[i;3ce CBncGCeci niy 3 protccnve slops at 19318. wiih 2 proieciivG - - - - -i - I- - - --.p. . , now vas down only $65 per contract set. exited second contract at 19376. trying for 19378, and picked up another :t S90 per coniract-soi, so 1 was now in the black. I moved rny last protective stop to 19338, When die market shot up to its high for the day of 194?.0, and then did thar» a 100% retracement on thri very next price bar, I figured it was tjrne to get out. I exited at 19390 for an additional profit of ± $300 per coritraci-sei including coss. Not a great trading day in the Pouruf, but by following rny plarr. I netted over 53bO per contract-set in tfiat one commodity.
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