We are still hanging onto our shorts here in GC1! . We would like to see a test of the recent lows. We are in a "free" trade and will tighten the stops further due to FOMC, Yellen speaking and issues in the Middle East. WHile we beleive we could test the 1180 area this year we don't trade on what we think....we trade on what the chart tells us. Trade well!
Thanks Sharhroz...the line above Target 1 is our entry....the one above that is the stop area. If we hit target 1 we will move our stop to lock in profits. We keep our first target and our stops at equal distance. The second and third targets is where we will make most of our money. However, this is only one of our ways of controlling risk. We have a method by where we add contracts at different levels. It all depends on volatility and range. I hope this helps. Thanks
Thanks Sharhroz...the lines are based on support and resistance areas of a wedging pattern. We would enter on a break of the wedge using a smaller time frame for timing and then use the other side of the wedge for risk parameters. Nothing fancy...many years of studying and trading. Trade well.
Hi Shahroz...I just taught you the main parts. Depending on how long you have been trading I would suggest you start with getting educated on why markets move and why these things (wedges) happen. There are plenty of free resources online. That is the best place to start. We are not doing any private education over the summer months. In the fall we will take clients.