I think I annotated the chart enough for this to be clear, but...
There are two trades here - the first is looking to capitalize on action within the larger ascending triangle pattern, the second is looking for a breakout.
By taking a break between the two, by cashing out after trade 1, and placing a new pending order above the resistance, I'll eliminate the risk of watching the profits from my first trade evaporate in a reversal.
Yes, I'll miss out on the couple of points between .019995 and .0205, but I will have secured my profits, avoided the boredom of watching my money sit in a consolidation cycle, and reinforced a good habit.
Happy Trading! Your thoughts & comments are appreciated.
There are two trades here - the first is looking to capitalize on action within the larger ascending triangle pattern, the second is looking for a breakout.
By taking a break between the two, by cashing out after trade 1, and placing a new pending order above the resistance, I'll eliminate the risk of watching the profits from my first trade evaporate in a reversal.
Yes, I'll miss out on the couple of points between .019995 and .0205, but I will have secured my profits, avoided the boredom of watching my money sit in a consolidation cycle, and reinforced a good habit.
Happy Trading! Your thoughts & comments are appreciated.
Trade active