Practical Exercise 6

[Ronald Williams]

Hi All,

I attach a 15 minute chart of the GBPUSD on 10th June showing a trade entry on a bullish engulfing bar (it is assumed that the conditions are in place for a bullish bias).  The trade entry (green line) is 1 pip above the high of the engulfing bar.  The tight and loose initial stops are shown in red as are subsequent trailing stops.  The tight initial stop is 1 pip below the low of the engulfing bar and the alternative loose stop is 1 pip below the previous swing low (wicks ignored).  The trailing stops are put in place once the previous swing high has been exceeded and are placed I pip below swing lows or areas of congestion; in all cases, as with the loose initial stop, the lows of the bar bodies have been used and wicks ignored

Ron

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[Rich Fitton]

Hi Ron, nice application of the principles there 🙂

[Nigel Southon]

Looks very good. Well done

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