Trade Your Way to Financial Freedom by Van Tharp

Author:Van Tharp
Language: eng
Format: mobi, epub, pdf
Publisher: McGraw-Hill Companies,Inc.
Published: 2007-06-14T16:00:00+00:00

Figure 8.3 An example of a clear trend with numerous retracement setups

Retracement setups are an excellent consideration for trend followers. They have many advantages in that (1) they allow you to place tight stops and thus extract high reward-to-risk trades; (2) you can use them for both short-term “swing” trading or for long-term “position” trading; (3) they give you a way to get into a market that you might have originally missed; and (4) they provide you with an excellent way to get back into a market once you have been stopped out. Consider developing your own methods based on such retracements because some of the best trend-following methods I’ve ever seen are based on this concept. In fact, my friend Ken Long has developed a great example that he teaches in his ETF workshop.

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