Tony Beckwith
12-09-2004, 07:54 AM
Managing the Dec 7 3min. QQQQ short trade (chart attached) - this is the Training Lesson (strictly according to ‘Trading Guidelines’ below) in the Dec 8 RT Roundup...
Disciplined Exit Strategy on a blockbuster trade…
Trade 3…QQQQ 3min. short alerted 12:21 bar…
12:54 bar: price reaches 1st WPT (Min Wave C)…so trailing stop policy on ½ position lowered from the initial level to the bar high…
And the stop on the remaining ½ position is lowered from the initial level to break- even…
12:57 bar: trailing stop is lowered again to this bar high…
13:00 bar: price closes below the 1st WPT…so the trailing stop is now fixed at this bar high…
13:03 bar: price closes below the 2nd WPT (Typ Wave C)…the stop at break-even is lowered and fixed at this bar high…
13:12 bar: price closes beyond the 3rd WPT (Typ Wave 3)…the stop on the 1st ½ position is lowered from its fixed level to fix at this bar’s high…
13:33 bar: price reaches the 4th WPT (Max Wave 3)…the stop on the 2nd ½ position is lowered from its fixed level to trail bar highs from now…
13:42 bar: this trailing stop is triggered = +10.9x risk.
14:09 bar: price closes below the 4th WPT (Max Wave 3)…the stop on the remaining ½ position is lowered from its fixed level to fix at this bar’s high…
14:18 bar: this fixed stop is triggered = +11.7x risk.
>> Result: TOTAL = superb +11.3x risk units.
A standard trade set-up, managed exactly according to the published Trading Guidelines. Complete discipline
Tony.
Note – QQQ on AMEX® is now trading as ticker QQQQ on NASDAQ®.
Disciplined Exit Strategy on a blockbuster trade…
Trade 3…QQQQ 3min. short alerted 12:21 bar…
12:54 bar: price reaches 1st WPT (Min Wave C)…so trailing stop policy on ½ position lowered from the initial level to the bar high…
And the stop on the remaining ½ position is lowered from the initial level to break- even…
12:57 bar: trailing stop is lowered again to this bar high…
13:00 bar: price closes below the 1st WPT…so the trailing stop is now fixed at this bar high…
13:03 bar: price closes below the 2nd WPT (Typ Wave C)…the stop at break-even is lowered and fixed at this bar high…
13:12 bar: price closes beyond the 3rd WPT (Typ Wave 3)…the stop on the 1st ½ position is lowered from its fixed level to fix at this bar’s high…
13:33 bar: price reaches the 4th WPT (Max Wave 3)…the stop on the 2nd ½ position is lowered from its fixed level to trail bar highs from now…
13:42 bar: this trailing stop is triggered = +10.9x risk.
14:09 bar: price closes below the 4th WPT (Max Wave 3)…the stop on the remaining ½ position is lowered from its fixed level to fix at this bar’s high…
14:18 bar: this fixed stop is triggered = +11.7x risk.
>> Result: TOTAL = superb +11.3x risk units.
A standard trade set-up, managed exactly according to the published Trading Guidelines. Complete discipline
Tony.
Note – QQQ on AMEX® is now trading as ticker QQQQ on NASDAQ®.