Thursday, August 14, 2008

Double Dynamite - IOC 15 minute chart

Still on Vacation.

Here is nice trade. I set it to close out at the end of the day (if my stop was not hit) as I set out to go fishing. Nice 6R plus trade, better then the one damn sand shark I caught :(

Again regular posting to continue on August 27th.


(Double Click Picture for a Larger View)

Stock: IOC 15 minute chart
Entry Bar: 6
Entry Green Line: 27.97
Stop Red Line: 27.82 (prefered larger stop under 3rd red bar)
Result: .30 to 1.38 ---- 6R plus
Setup Grade
: B+
Notes: Scale out, let it run and close it out at the end of the day - forms a nice wedge setups as well

* The grade is for the setup outlined in my business plan. Feel free to post any trades you made today that you would like commented on.


9 comments:

James said...

Hey there,

I'm just curious about your choice of time frames. It seems like you can interchange between the 10, the 15 and the 30 pretty easily since the setup also seems the same. My question is, why would you use the 15 over the 10 more often, or the 10 over the 5 more often if they all can set up?

How I Day Trade said...

It all depends on the setup - the first 45 minutes I prefer 5 minute charts - after that I concentrate on 15/30 minute charts with wider stops.

Shorter the time frame for me the quicker I am looking to take profits. 15/30 I let them run them run much longer.

Its not just the time frame that makes the setup (volume, support/resistance, ect)

Ryan Peters said...

How I day trader,

Great graphs, very informative.

I wanna know how much time you spend in the pre-market getting your stocks and scans together. I give myself a good 20 minutes, do you spend more or less time then that?

Also,How do you go about deciding whether to go long or short before the market even opens? Like, how can you tell the sentiment before hand and decide which ones to use

Thanks a bunch

How I Day Trade said...

I dont spend any time pre-market anymore- I just look at where the S&P is gapping pre market. That is my sentiment to for the first 5 minutes of the trading day.

I mainly use my scanners once the market opens. I can flick through a chart and know what I am looking for quickly through exerience.

For newer traders you should prepare beforehand, and have a list of candiates for the day. this will give you time to look at the daily charts of the candiates. I rarely take a day trade unless the daily chart agrees with the direction.

Ted said...

I think it would be great if you continue to post up the daily charts for them too like your older post.

I enjoy your post since you grade them and show very strict discipline. Keep it up!

Anonymous said...

nice entry there with a nice tight stop... ive been spending most of july-august at the beach. the water in S.D. County is beautiful and clear; lots of pelicans and the cattle boats have been hitting the same spot all summer on the way back to the harbor. the surf- fisherman report good fishing - croaker, corbina & perch.

QQQBall

How I Day Trade said...

good to hear from you Q - fishing is great but I cant wait to get back into trading next week.

GS751 said...

Great blog, what have you been fishing for? I have heard that for amateurs you should not trade in the first 30 minutes of trading.

How I Day Trade said...

bluefish, stippers anything really, caught a couple of sand sharks:(

there are very good setups for the first 30 minutes, just be sure to always control risk.

Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE