Vacation guide on When bar 5 popped up, closing bearishly on the flag line, we could not have wished 419 Understanding Price Action for a better setup to take advantage of the situation (enter short on the break of bar 5). Since this trade set up so well, there was little reason for concern regarding the round number directly underfoot-would you buy below bar 5 with an M-pattern and a bear-flag overhead? This is not to say, though, that the level could no longer pose a problem once in position, even with the short well underway; since this market was far from trending yet, the lows of the range were likely to get bought (dotted line), and that could have turned the broken round number, if not the flag cluster a little above it, into an adverse magnet. Why not avoid all that by simply cashing in when the profits are good and up for the taking (resistance exit in bar 6). And then on to the next trade. If there has been one leading theme throughout this entire work, it can only reflect the very premise as stated from the outset: the market’s ways are highly repetitive and thus exploitable given practice and time. Strategy and tactics may vary from trader to trader, yet all have to abide by a small set of elementary principles that repeat over and over again in any chart. But please recall that all of the foregoing can only offer a platform for further trader development. Vacation guide 2016.
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