|PDF Title :||High Probability Trade Setups|
|PDF Contents :||25 Chapters (full)|
|Total Page :||368 Pages|
|PDF Size :||5.7 MB|
|PDF Link :||Available|
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High Probability Trade Setups – Book – Book
The most important thing to note about this chart is that the price retraced to the underside of its trendline, and unlike price failure, a retracement on a trendline can acquire a price higher than the original break-point. The trendline, by definition, is going higher.
Therefore, if a stock cut beneath that trendline and then, over a period of months, climbs its way back up to the underside of that same trendline, the price can absolutely be higher than it was when it first broke down.
In this case, the price failed on January 4, 2008, at about $587. It fell through March 17, and then it climbed through May 19, reaching a high of $622, a level about 6 percent higher than when the trendline failed. Keep this in mind when selling short based on a broken trendline, because you may still be in a perfectly valid trade and suffer a loss.
The price can creep along the underside of the trendline for as long as it likes, and your losses can continue to grow, even though there is still nothing technically wrong with your trade.
High Probability Trade Setups – Book PDF
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