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7 GOL])-1980Z 5431 5338 52 5127 4925 4B23 4722 4621 4520 iiollou-thpougli D=0617 0=4795 H=4S55 L=4?83 G=4B3& Figure 12 Looking back at 6-16, I noticed tliat prices had moved up strongly but again there had been a failure to follow through, and prices had turned down.
SOLD-1B0OZ 5533 5431 5330 5229 5127 5026 4925 4B23 4722 4621 4528 lilt 4,i t a t I I I ( 1 V I I I I I I I t 1 I Envelope broken two days in a rou.-----> D=B624 0=4735 H-474B L=4680 C=4707 Figure 13 Looking back at the two days prior to the actual breakout, I see that the envelope was penetrated two times. So when prices did finally break through, I was ready for them, i prefer second time through breakouts of envelopes.
Trading By Tine Book - Part I CHAPTER 2 As concerns the initial stop, I want to emphasize here that it is exactly that - an INITIAL STOP, a catastrophic protective stop. As soon as 1 am in the trade, 1 will be looking to move it closer to the price action as quickly as possible. The Possibilities I want to back up for a moment to explain something that I usually do right after placing my order with my broker when Im trading the breakout of a trading range. I say usually, because 1 dont always get the job done. If my order is filled and I enter the trade, I attempt to plan what my actions will be. There are two things I try to do: I try to have a set of objectives for this trade. This isnt always possible or practical. Sometimes I just let myself get stopped out, with my objective being no more than the taking out of a profit protecting stop. At other times, I set a profit objective of x number of points that Id be happy with, and get out at that point. Another way that I sometimes exit trades is by the penetration of a moving average. As illustrated in this part of the manual, I wili show how to compute and use Fibonacci objectives for both the Gold and the Wheat contracts shown. I like to utilize Fibonacci objectives with them because their trend lines between trading ranges are often of short duration. My purpose here is to show that objectives can be projected utilizing Fibonacci expansions. I also need to say that this is not the only way I trade. I attempt to think out the major possibilities as to the course this trade may take, and what I would do in each case.
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