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82 DEUTSCHE 6240 614?..... 6054 5961 5775 5682 5589 5496 5310 \H-owi 2 jjykbuy 3 short - Figure 15 The Deutschernark made only one tradable entry into the inner envelope. Then I got long on a 1-2-3 low, got caught in the chop and whipsawed about a bit until t finally traded my way out of this mess. I hate this kind of trading series even if 1 did eventually come out on top. It is one of the dangers of trading in a range. It also shows how to hang in there until you can trade your way out. I was lucky. Sometimes these ranges can go on for months. 1 barely escaped with a profit. Usually if you can keep your cool and continue to trade according to the book, you can get out with your hide intact. I wish that I could truly share the agonizing defeats, panic, and sheer terror I experienced before learning to trade my way out of whipsaw situations. ! hope anyone reading this Manual will recall that in Part I of the Manual I stated that I would rather have multiple contracts on a low risk trade such as the breakout of a trading range, than I would to trade high risk trades such as those in a congestion area. Please, please, please look at Figures 14-161!
Some have asked, "What do I do while Im waiting for the breakout of a range?" My answer is simply enjoy the money you made from the last breakout of a range, or trade the oscillators, ledges, and 1-2-3s. One of my students had an order to buy 40 contracts on the breakout of the range for the Japanese Yen. Check the next chart. Need I say morel?
JAPANESE m 8348 8154 8061 7968 7875 7782 7689 7596 7583 7418 .....Af\ (trevers if I D=8825 PR ¹ 75.16286 Figure 16 The Japanese Yen gave me a trading opportunity when it compieted its M formation. I made a profit above the 50% objective, reversed and made another profit. 1 got long the next time it dipped into the inner envelope and got out a tad better than my objective. I then tried to go long at the breakout of a 1-2-3 low. The Yen then slipped and slid back down for awhile, finally made a ledge, then roared to a new high taking out the top of the envelope. It just kept on going from there for quite awhile.
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