Posted on July 13th, 2009 at 1:30 PM
As promised, I wanted to revisit some of the Stochastic and Type I setups I listed on June 29th .
As it stands, only one of the three trades triggered us in. NVTL is only a couple of ticks from stopping us out. While many traders stress out over getting stopped, I view them as simply the cost of doing business. In the NVTL setup, we were looking at a 7-1 reward to risk setup. I'll take that kind of ratio any day of the week.
The other two candidates never provided us with a clean trigger mechanism to enter the market as they made new lows during the retracement. Step back, reevaluate the trade and keep them on the radar as they may still be good setups with a potentially better entry price.
Trade Smart
~Duane Gott
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