Tony Beckwith
10-12-2007, 07:55 AM
Hi to traders on the Australian markets
This is a great example of an 'Advanced ABC' short set-up automatically found on the FCL daily chart [ASX200 component stock]...
As the prior trend CAN be extended higher, above the C high, this ABC pattern can be considered corrective - an Advanced ABC or TS4 sell set-up...
Price in Minimum price resistance; red sell bar; above +2x risk/reward at the 1st profit target; red/black STF trend indicator...
Result: +5.7x profit currently protected by the trailing stop.
Note: Click the 'Advanced' tab in the Scanner, tick 'ABC' and radio-button 'Minor' to find great set-ups such as this when you are scanning a relatively small universe such as the ASX200, FTSE100, DAX30, South Africa Top 40 and so on...Thanks
Tony.
This is a great example of an 'Advanced ABC' short set-up automatically found on the FCL daily chart [ASX200 component stock]...
As the prior trend CAN be extended higher, above the C high, this ABC pattern can be considered corrective - an Advanced ABC or TS4 sell set-up...
Price in Minimum price resistance; red sell bar; above +2x risk/reward at the 1st profit target; red/black STF trend indicator...
Result: +5.7x profit currently protected by the trailing stop.
Note: Click the 'Advanced' tab in the Scanner, tick 'ABC' and radio-button 'Minor' to find great set-ups such as this when you are scanning a relatively small universe such as the ASX200, FTSE100, DAX30, South Africa Top 40 and so on...Thanks
Tony.