Australia - LEI controlled risk!

[Tony Beckwith]

Hi to traders on the Australian markets

This automatic buy set-up on LEI [ASX200 component stock] highlights 2 vital points...

1. using the Scanner to find Advanced ABC set-ups (Advanced tab; ABC option). Here the prior trend can be extended further back in time, to below the C low, meaning the ABC could be a correction...
This allows you to uncover other perfectly valid set-ups.

2. moving your initial protective stop to break-even when 100% risk (R/R 1:1) is reached.
This allows you to run a free trade from now.

Now we have a tight, risk-controlled trade...whatever happens...

Thanks

Tony.

[Tony Beckwith]

UPDATE - now up at +2.8x profit and...the crucial point... the protective stop is now at break-even (as the stock rose past the 100% risk (1:1 risk/reward) level).

Nobody knows what will happen from here, however we have controlled the trade risk such that this is now a free trade - good trading!

Thanks

Tony.

[Tony Beckwith]

UPDATE #2

+3.5x open profit, as LEI approached the DP target level today...

Thanks

Tony.

[Tony Beckwith]

UPDATE

Very volatile movement in LEI recently...

Using the trailing stop for protection as soon as that stop moved above the entry price enabled you to exit on 18 Dec with 1.5x profit - and avoiding the uncertainty...

Not a storming trade in the end but the trade/money/management risk was controlled all the way.

Thanks

Tony.