Price fell a few pips short of the 34 point hurdle and has snapped back to trigger the short at 1.5766. Although we are only in testing mode, I am of the mind that I should tighten the stop a little more from 55 to 34 points. Also of concern is the CCI, should it close back above the 0 line at the closing of this bar/candle, I am thinking it may be more prudent to close the trade completely and wait for a stronger signal to reenter.
Ok price closed a tad under the moving average causing the CCI to close back above the 0 line albeit by a whisker. The trade was closed at 1.57644.
This will help to define the method of exiting a trade should one of the indicators fail to confirm after the trigger. Should cable continue lower then maybe a better method is to just leave the trade running with a tighter stop and closing on a failure of two of the initial trade confirmations being met.
Thursday, 9 December 2010
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