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6 GOLH-IBBOZ  5533 A 4925 4823 4722 4621 1 1- 4528 0=4845 H=4985 L=4823 C=4948 Figure 9 On 6-2, the close constituted a breakout of the range to the upside. Again the breakout did not result in a filling of my order. It did, however, establish a new high for the range, which was evident when I realized in the days ahead that the market was going back down. While the expansion envelope doesnt always work (nothing In this business ALWAYS works), this time it once again saved me from a faise breakout, and from entering a bad trade.
GOUblBSOZ 5533 5431 5330 512? 5B26 4925 4823 4722 4621 4520 D=0&28 0=4725 H=472b L=4&47 C=4652 Figure 10 One of the attributes a good trader nnust have is that of being FLEXIBLE, flexible enough to make major or minor changes in the plan when opportunity strikes. On 6-28 such an opportunity occurred. Prices dropped out of the range to the downside. 1 had already called my broker and instructed him to sell Gold at 4696 stop. I was filled at 4696 on the day prices closed out of tfie envelope. What indications did I have that this might be a true breakout? There were several, and they point up why I dont like to simply trade a trend-following system. They point up why, when I trade, I must be thinking all the time.
5431 5338 5229 5127 5026 4925 4B23 4722 4621 4528 No fallou-through liere. 0=4845 H=49B5 L=4BZ3 C=494B Figure 11 Looking back a few days to 6-3, i noticed that after the breakout of that day by the high, on low volume, there was no real follow-through. In fact, prices had re-entered the range and had headed down.
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