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  • The US Dollar is looking increasingly vulnerable to ASEAN FX, with USD/SGD and USD/THB breaching key support. USD/IDR is eyeing a Rising Wedge, USD/PHP may face February lows. Get your market update from @ddubrovskyFX here:https://t.co/7rSQzu0sx9 https://t.co/rlQpQDURMm
  • The Australian Dollar’s losses against its major counterparts may prove short-lived, as a series of bullish technical setups begin to take shape on multiple AUD crosses. Get your $AUD market update from @DanielGMoss here:https://t.co/kRtix2AW32 https://t.co/giuKDqh1Zi
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  • 7 out of 11 S&P 500 sectors ended lower, with 63% of the index’s constituents closing in the red. Energy (-2.66%), financials (-1.81%) and consumer discretionary (-1.22%) underperformed, while defensive-linked utilities (+1.32%) and real estate (+1.12%) outperformed. https://t.co/OkTMeRjfjH
  • 🇳🇿 Inflation Rate QoQ (Q1) Actual: 0.8% Expected: 0.7% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2021-04-20
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  • The Canadian Dollar recently weakened against some of its major counterparts. USD/CAD is eyeing key support, with GBP/CAD looking to extend gains. CAD/JPY may bounce next. Get your market update from @ddubrovskyFX here:https://t.co/v9Y6A50NdV https://t.co/3WXFSUMwb6
  • Heads Up:🇳🇿 Inflation Rate QoQ (Q1) due at 22:45 GMT (15min) Expected: 0.7% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2021-04-20
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Buying New Highs and Selling New Lows

Buying New Highs and Selling New Lows

Thomas Long, Course Instructor

An example would be to buy a new 10-day high to enter into a trade in an uptrend and use a new 10-day low as your trailing protective stop.  This allows one to trade on the daily chart without having to follow the market throughout day.  To set your trailing stop, you just have to check the daily chart after the 5PM Eastern close to see what the lowest low of the 10 previous days was.  If it was different from the previous day’s stop level, you just move your stop, if not, you leave it alone.  You can do this until the market comes back up to stop you out, meaning you are trying to get the most out of the move or you can set a limit order based on twice your initial risk for a 1:2 risk:reward ratio.  The key is to only trade in the direction of the trend as that is where you will find some of the biggest moves.  The 10-day recommendation is only that....a recommendation.  Some of the most successful traders have used values from as little as a new 3-day high or low to as much as a new 55-day high or low to enter into or exit out of a trade.  You can also use this approach on an intraday chart, although I would recommend using higher values.  Perhaps a 20-period high or low on the 4-hour or even a 24-period high or low on the hourly chart would be more appropriate than a 10-period high or low.  You have to check to make sure.  But it is easy to backtest this approach as it is easy to identify new highs and lows....either they are or they aren’t.  The key to trading on the intraday charts is once again to only trade in the direction of the daily trend.  While this money management approach may not be perfect, it is better than most money management strategies used in the markets and is relatively easy to use.  That makes it a valuable tool worth looking into by traders who currently struggle with how to get into and out of a trade.
 

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