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29 TSONDS 8805 8610 8416 8221 8027   7511 7316 7122 Figure 13 shows what this market did over the next couple of months. I have labeled each point in lower case letters. From A-B shows th,e iast leg of the a,b,c breakout. shows the retracement to exactly .382 of the leg.
  Figure 14 A-B-C is synonymous with a l-ll-lll high. Im short another contract one tick below in Figure 13. Im now short three contracts: One from the l-ll-lll high of Figure 1 2; One from the breakout of the short-term envelope of Figure 12; One from the most recent l-II-lll shown above.
Trading By Tlie Booic - Part 11 8416 8221  alert> ~ out V316 7122 Figure 15 A large magnitude day gives me an alert to move my stops up tight, trailing them 1 day back until I am stopped out of all 3 trades as shown. I got my piece of the market, so Im happy. By large magnitude, I mean a day that has a trading range from high to low that is greater than the days immediately preceding it. In a sense, it is a matter of perception. It is a day that indicates much movement by price and therefore it gets my attention. When I see a day like that, I anticipate a reaction. At times, it portends a trend change. At other times, it affords a one day scalp in the direction opposite to the large day.
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