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73 1578 1423 1374 1325 127& 1227 1178 1129 1888 Nell Figure 3 March Cocoa was in a trading range for 25 days. It broke out of a l-II-lil high on the twenty-fifth day.
Trading By Tiie Book - Part V 1B119 10821 9923 9B25 972B 9638 9609 9592 9485 9387 9218 Figure 4 The bonds made a monstrous trading range, the kind that is profitable for trading within a congestion. A breakout of the envelope wouid have placed the entry point fairly far away. But the breakout of a 1-2-3 low would have been very profitable indeed, while affording a relatively small risk for the bonds. The 1-2-3 shown above might have been taken by a day trader. It was only on an intraday basis that the #3 point could have been realized and the breakout taken. A position trader trading within a trading range could have lucked into this situation by buying support within the congestion as will be shown later.
I could go on and on showing chart after chart where this happened, but the message should be clear by now - there is money to be made by trading one, two, threes. Its somewhat like a waltz, isnt it - getting in step with the market? 1 take a few spills now and again, but overall its still the best business in the world. 1 like to waltz. Trading these possible one, two, three breakouts is one of the best ways to trade inside a congestion area.
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