Well this week I have been showing you the first bar trade, and I hope you understand the rules. Today, we had a nice average trade, again the price took out the first bar, but this time to the short side. How you manage the trade, of course, is up to every of us and it's a matter of choice. When the stoch went to oversold on the 70t I watched the high of the last bar, when it was taken out I went and covered half and moved to breakeven.
We talked about it some in the TradersHaven chat room on relay7 in hotcomm.com and it turned out to be a nice trade. Tommorrow if the market gives me the chance I will share with you my thoughts on using several time frames to nail a turn. But that is a counter-trend trade, which I feel alot of people love to do.....
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