Set Trading Stop Levels With Chart Patterns
By Cory A. Mitchell
Stop levels are an often overlooked aspect of trading, and yet they are one of the most important. Many traders spend hours, days and years searching for the ideal entry criteria, when simply they could adjust how they set stops to become more successful. Determining proper position size, which was covered in an earlier trading tutorial, is also extremely important.
Stops should be placed at levels which indicate that the original trade idea was wrong. Chart patterns allow us to do this in a methodical way. We have a clear set up, which provides profit targets upon a breakout, but the pattern also provides a stop level in that if a breakout occurs in one direction, the opposite side of the formation offers us our stop level.
If a break downward occurs from a triangle chart formation, a break above the top of the formation shows that the downward break was false - our stop level should be here. This stop level can also be a stop and reverse. In this case this means we go from being short the pair, to long, with our original short position be stopped out and a new long position being taken. Whether a stop is used, or a stop and reverse method, is up to individual trader.
In another example, a head and shoulders pattern, once completed, can have a stop placed above the right shoulder. If rates move back above this shoulder we no longer have a classic pattern. We may still be able to trade the pattern but we may want to stop our position out to see what develops.
Ranges are one of the most common chart patterns people look for, but one of the toughest to trade. Since they are heavily watched and easy to spot, many false breakouts occur, and since the profit target is roughly the same as the risk level, we need to be right more than we are wrong to make a profit. With some of the other patterns mentioned the risk is less than the reward when using proper profit target techniques and stop levels.
If you would like to know more, are interested in learning how to start trading, need help with trading methods or want to know who to trade with, visit me at http://www.vantagepointtrading.com
We offer several free trading ideas each day to help you get started on the right track in trading. You will have access to tons of free information or you can contact me directly via the site and I would happy to help you out.
================================================
Economize and Stretch That Tight Budget
By Len Stauffenger
Single mothers seem to be the main custodial parent in a divorce and mothers aren't always the parent who makes the most money, so it falls to mothers to find ways to economize and stretch that tight budget. This turns out to be quite a learning experience for both you and your children if you work it correctly. This also applies to single dads.
Are you aware that in a supermarket, there are intense marketing strategies at work to encourage you to spend lots of your tight budget money there? If you learn the strategy, you can stick with that food budget more easily.
I think it's important to explain to your children that those TV ads are made to be tempting so the parents spend their money. They might not have the family's best interests as their motivation. Those prepared foods might be tempting, but they aren't the most nutritional or cost effective. This could avoid scenes inside the supermarket if they understand your approach up front.
Here are some basic ideas that will help you as a custodial single parent stretch your food budget dollars.
- Make it at home. Already-prepared foods cost a lot more money than the foods you prepare in your own kitchen. - Eat it fresh. Fresh fruits and vegetables are less expensive and more nutritional than canned or frozen ones.
- Grow it yourself if you can. This is by far the most cost effective. You can freeze the excess.
- Look on the lower shelves. The items more highly prices are at your face level. Generics are on the lower shelves, and they cost less.
- End cap displays are not necessarily cheaper. They are there to tempt you. Stick with your list.
- Shop the Center Aisles first. They contain the essentials. The outside aisles are tempting but not necessarily essential.
- Discuss with your kids before you go inside the store. Let them know that you will not be buying things that are not on the list. Listen to their desires for the shopping list and try to work a few into your budget. Products with kids appeal are displayed at their eye level and it can create hissy fits unless you set the rules ahead of time.
- Ignore the smells. Those cinnamon rolls make you drool, but you can make them yourself at home less expensively.
- At the check stand, you are again bombarded with things you don't really need. Be strong, and stick with your list.
As a divorced single mom or dad, it's wise to sit down with your children and as part of their learning, educate them on the wisdom of eating fresh vs. prepared foods. By all means, as a special treat, buy them something that is already made so they don't feel left out. Encourage them to help you build that shopping list each time you go shopping. What would they enjoy for lunch? What would they like for dinner? If they partner with you, this could get rid of temper tantrums or pouting inside the store. When they become a little older, you can give them the seemingly tight budget monies, a calculator, the list, and let them do the list and the shopping for you while you wait. Your children will become skilled at value-based shopping, too.
Len Stauffenger's parents taught him life's simple wisdom. As a divorced dad, he wanted to share that simple wisdom with his girls. "Getting Over It: Wisdom for Divorced Parents", his book, is the solution. Len is a Reiki Master, an author, a Success Coach and an Attorney. http://www.wisdomfordivorcedparents.com
By Cory A. Mitchell
Stop levels are an often overlooked aspect of trading, and yet they are one of the most important. Many traders spend hours, days and years searching for the ideal entry criteria, when simply they could adjust how they set stops to become more successful. Determining proper position size, which was covered in an earlier trading tutorial, is also extremely important.
Stops should be placed at levels which indicate that the original trade idea was wrong. Chart patterns allow us to do this in a methodical way. We have a clear set up, which provides profit targets upon a breakout, but the pattern also provides a stop level in that if a breakout occurs in one direction, the opposite side of the formation offers us our stop level.
If a break downward occurs from a triangle chart formation, a break above the top of the formation shows that the downward break was false - our stop level should be here. This stop level can also be a stop and reverse. In this case this means we go from being short the pair, to long, with our original short position be stopped out and a new long position being taken. Whether a stop is used, or a stop and reverse method, is up to individual trader.
In another example, a head and shoulders pattern, once completed, can have a stop placed above the right shoulder. If rates move back above this shoulder we no longer have a classic pattern. We may still be able to trade the pattern but we may want to stop our position out to see what develops.
Ranges are one of the most common chart patterns people look for, but one of the toughest to trade. Since they are heavily watched and easy to spot, many false breakouts occur, and since the profit target is roughly the same as the risk level, we need to be right more than we are wrong to make a profit. With some of the other patterns mentioned the risk is less than the reward when using proper profit target techniques and stop levels.
If you would like to know more, are interested in learning how to start trading, need help with trading methods or want to know who to trade with, visit me at http://www.vantagepointtrading.com
We offer several free trading ideas each day to help you get started on the right track in trading. You will have access to tons of free information or you can contact me directly via the site and I would happy to help you out.
================================================
Economize and Stretch That Tight Budget
By Len Stauffenger
Single mothers seem to be the main custodial parent in a divorce and mothers aren't always the parent who makes the most money, so it falls to mothers to find ways to economize and stretch that tight budget. This turns out to be quite a learning experience for both you and your children if you work it correctly. This also applies to single dads.
Are you aware that in a supermarket, there are intense marketing strategies at work to encourage you to spend lots of your tight budget money there? If you learn the strategy, you can stick with that food budget more easily.
I think it's important to explain to your children that those TV ads are made to be tempting so the parents spend their money. They might not have the family's best interests as their motivation. Those prepared foods might be tempting, but they aren't the most nutritional or cost effective. This could avoid scenes inside the supermarket if they understand your approach up front.
Here are some basic ideas that will help you as a custodial single parent stretch your food budget dollars.
- Make it at home. Already-prepared foods cost a lot more money than the foods you prepare in your own kitchen. - Eat it fresh. Fresh fruits and vegetables are less expensive and more nutritional than canned or frozen ones.
- Grow it yourself if you can. This is by far the most cost effective. You can freeze the excess.
- Look on the lower shelves. The items more highly prices are at your face level. Generics are on the lower shelves, and they cost less.
- End cap displays are not necessarily cheaper. They are there to tempt you. Stick with your list.
- Shop the Center Aisles first. They contain the essentials. The outside aisles are tempting but not necessarily essential.
- Discuss with your kids before you go inside the store. Let them know that you will not be buying things that are not on the list. Listen to their desires for the shopping list and try to work a few into your budget. Products with kids appeal are displayed at their eye level and it can create hissy fits unless you set the rules ahead of time.
- Ignore the smells. Those cinnamon rolls make you drool, but you can make them yourself at home less expensively.
- At the check stand, you are again bombarded with things you don't really need. Be strong, and stick with your list.
As a divorced single mom or dad, it's wise to sit down with your children and as part of their learning, educate them on the wisdom of eating fresh vs. prepared foods. By all means, as a special treat, buy them something that is already made so they don't feel left out. Encourage them to help you build that shopping list each time you go shopping. What would they enjoy for lunch? What would they like for dinner? If they partner with you, this could get rid of temper tantrums or pouting inside the store. When they become a little older, you can give them the seemingly tight budget monies, a calculator, the list, and let them do the list and the shopping for you while you wait. Your children will become skilled at value-based shopping, too.
Len Stauffenger's parents taught him life's simple wisdom. As a divorced dad, he wanted to share that simple wisdom with his girls. "Getting Over It: Wisdom for Divorced Parents", his book, is the solution. Len is a Reiki Master, an author, a Success Coach and an Attorney. http://www.wisdomfordivorcedparents.com
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