12/06/14 – I thought I would update this blog with the close of my $EXC trade. This week has seen a negative movement from the Wave 5 high that was formed on Friday last week. I allowed the movement to go for two days but decided to close out the trade just before the close on Tuesday to take a profit on my trading account of 3.4%. Sometimes an important trade management discipline for a trader is the ability to walk away and take profits. Being too greedy in this case could mean no profits at all and the saying “not always right but never wrong” rings true when you take profits and walk away from a trade.
You can see the full blog/diary posts for the trade from the very start of the trade when it was on my watch list and then all the posts through the trade management to the close on my Bog HERE
06/06/14 – Another strong and positive session for this $EXC trade yesterday witnessed the price form a new Wave 5 High and tip toe to the 3.75% profit line. (profits discussed are percentage of my trading account balance). In line with my trade management strategy and mentioned in my previous post on this blog, I have moved the Trailing Stop to 35.99, which locks in 2% profit for this trade. This price point is just below the low of last Friday so gives the trade plenty of space to work today, as the Non Farm Payrolls can sometimes cause a little negative volatility if there is a surprise. If the strong move continues next week I will look to put the Trailing Stop below the low of two bars (days) behind each current day until either the price makes the target zone or takes out the trailing Stop. In either case this is now a profitable trade. You can expand the charts I produce on this blog by simply clicking on them.
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