The more Advanced Traders among you will have spotted that the decline from the high unfolded in 5 waves. As you will know, trend tend to unfold in 5-waves so once you are in the 5th wave the swing is nearing and end. Therefore it makes sense to tighten up on stops, particularly as this short trade had also reached its own DP target.
Trailing stops just above the bars high would have resulted in a slightly larger +4.2R Profit (ignoring slippage and commission). Again, showing how the more Advanced Traders among you can squeeze out a little more profit above and beyond the standard trade management guidelines. This is why we provide so much education to help traders move beyond the basic and standard setups and trade management to study and learn to become a more experienced trader....
Thanks
Steve
Trailing stops just above the bars high would have resulted in a slightly larger +4.2R Profit (ignoring slippage and commission). Again, showing how the more Advanced Traders among you can squeeze out a little more profit above and beyond the standard trade management guidelines. This is why we provide so much education to help traders move beyond the basic and standard setups and trade management to study and learn to become a more experienced trader....
Thanks
Steve
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