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86 5178 5B72 487& 4778 4688 4582 4484 4386 4288 4198 Ledge Method Figure 20 Any time there is a breakout from a ledge, I have a good trading situation. As mentioned earlier, I position trade the breakout of a ledge by straddling boti sides of it and having my order in before the market opens. Whenever possible I will trade the breakout of a ledge. The Gold chart in Figure 20 shows several tradable entries of the breakout of a ledge. Good one and two day profits were made on most of these trades. The trick here is to take profits and run. I try to place extra positions on these trades to hold for the near or intermediate term, since they often have the momentum behind them to continue in the general direction of the breakout. Practice will help determine this. The more strongly the market is trending, the longer you can expect to stay in. Please, please, please, remember that these are short trades. Set a profit stop by the second day. Then take your money and run. These trades are a way to scalp the market without being a floor trader.
Trading By The Booic - Part V Breakout Method This method for selecting a trade is based on volatility change. There is not necessarily any recognizable pattern to this kind of entry. What Im looking for is a market that has had a violent breakout or is suddenly changing volatility, the kind of market that has been moving sideways for an extended period of time, well over 25 days. The trick here is to catch them when they go from low volatility to high volatility. That is the whole purpose of the envelope. I place an open order and then wait. Sooner or later the market will break out and begin to trend. Any of the grains during drought years would have constituted such markets. The next figure shows what I mean, and why these markets are well worth waiting for.
1& 15233 14386 13539 12692 11845 10151 9394 845? 7619 Figure 21 Copper really took off. When it finally broke the envelope it made a fortune for those willing to wait.
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