Saturday, December 12, 2009

Trading Plan: How to make a re-entry


Holding positions according to the trading action from last week, have a look at the GOLD screenshot on friday and monday morning people are willing to sell, so it make no sense to exit too early a profitable short trade that behaves like last week.

On quick sell offs or rallies trails stop aggressive at the first target when getting stopped out look if "time" is left on the daytrading chart to see if you can catch the 2nd target and once we broke through the 2nd target place the stop above the bar that broke through.

If the last target is not reached the price areas of the 1st and 2nd target can be used as re-entry areas:

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