double top break out on point and figure charts...This is for point and figure fans
this is my screen shot of unilever from my charts terminal

dl.dropboxusercontent.com/u/4899609/2017-03-07.png

Gapped down today and bounced off support..

Another one from the share tips, 123 low breakout..


dl.dropboxusercontent.com/u/4899609/ulvr190214.png

Big gap up today based on earlier news of better-than-expected 2013 results.


dl.dropboxusercontent.com/u/4899609/ulvr210114.png

This broke out nicely from the 123 low breakout yesterday and has followed thorough. This should be a free trade now.
This is from this weeks share tips


dl.dropboxusercontent.com/u/4899609/ulvr15thoct.png

Thanks Remo, great reply and fully understood. I appreciate your explanation with the back up of the chart attached for further illustration. It is what makes your website so great.

This trade as an example certainly gives me further insight and focus to examine my previous trades and to look out for in future trades to examine profit maximisation on trades.

Thanks for taking the time to further explain your thoughts on this trade.

Regards,
Viper

Hi viper
with regards to the 3 contracts on unilever.
firts contract would be closed at the nearest resistance and in the case of unilever it was the gap resistance at 2515. This resulted on a profit of 22 points.
The second contract i closed at the next resistance at 2560. This resulted in a profit of 67 points.
The third contract ...Im still riding this one out. Its my free trade and the way i play this now is have my stops below the previous days low. This should be a significant candle. The problem with unilever now is that there is a big gap that could get filled so due to this im being extra greedy and have just moved my stop to break even on this trade. So this is my gamble as its a free trade so you can afford to be greedy as profits have been taken already (89 points)so there really is no set rule as such.
The third contract could be closed at the next resistance or just let it ride as long as possible.
You could even put a trailing stop on this.

dl.dropboxusercontent.com/u/4899609/unilever20thsept.png

Im also looking to add to this position if the gap fills at 2513 and the stop would be tight at 2490.This trade would be on a first attempt basis trade.Shares have a habit of bouncing of gap supports or resistance

hi viper
ill try and answer this when i get some free time
please remind me if i forget

Remo,

Looking at this chart as an example and knowing you have talked about a 3 position approach before where on this share most likely you would be out of the first 2 positions by now and the 3rd position is the free trade.

Can you give some insight in regards to how you would manage that 3rd trade now. I understand different shares with different entry reasons would result in different strategies and also certain indicators such as fibs and resistance levels would assist as well for selling, but I was looking at it as a general approach. I think I and other people find good positions to enter, but then struggle with the best time to exit the free trade.

I know you have to be comfortable with your own strategy and develop a strategy that both suits and works for you. My approach to this trade if I was in it and entered at the 1,2,3 breakout would be to have sold 2 positions and the 3rd free trade would be to set up an automatic sell at 2724 or adjusted when the down sloping resistance is hit (whichever is lower) and have the stop in profit and set around 2545 based on being very recent support and resistance on the daily chart attached..

So for you (and any other people), as a general approach to the 3rd position do you monitor it intra-day and adjust stops throughout the day and let the target price run to an obvious selling area such as major resistance level, or do you simply set a target sell and only adjust the stop if the daily chart provides a reason to adjust the stop? In both approaches I assume the stop is moved to profit regardless. I don't expect the stop is left set a few points below the 1,2,3 breakout in case the breakout point of the 1,2,3 is retested.

Any insight would be appreciated using this or any other trade as an example.

Thanks and great spot and trade. From looking today it seems you would have a had a very good day with RRS and a few others.

This tested and held the 123 breakout yesterday...This then exploded out
This should be a free trade now

dl.dropboxusercontent.com/u/4899609/ulvr19thsept.png

This has broken out today:

This is from the tips section, looks like it's getting ready to breakout of 123 low.