There are some fine nuances of camouflage in this lesson, including the use of the very subtlest of ‘external’ peaks to get us long in June Gold two days earlier. The trade had gotten stopped out earlier the same morning, providing a further opportunity to discuss in detail the technique of creating stop-losses based on impulse legs. The chief value of such stops is that they allow us to, if not ‘swing for the fences,’ then to weather adverse moves that would tend to eject traders using conventional stops placed just beneath prior lows. ____________________________________________________________________
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