[Tryst]

But in this instance I see a recent high that the price has dropped behind and I would wait until it was breached. I have never personally had any success with buying on pullback and in most of my cases they end up as Buying On Forthcoming Meltdown.

- Malc

For the record, I am not in this trade. It was just a question to understand peoples take on trade management.

Re. above, 'Buying ON Forthcoming Meltdown' is that a quote taken from somewhere? That is a exactly the fear of buying on a pull back. I guess, and as Isatrader commented on, all the boxes must be ticked to minimize the potential of butting on meltdown.

What I have also found when looking at the continuation charts that Isatrader has posted on the UK sections is that the ones that do break out (in a continuation of stage 2 and not from a stage 1) and then fail/meltdown are ones that are a bit later in their stage 2 advance.

There is no perfect solution to this I don't think, and a lot of it is down to getting the preparation part of it as best you can, but then when in the trade you have to be nibble and proactive to come when you think you need to. A lot to do with intuition too.