Friday, October 14, 2016

Wynn 15 minute candle .short



Stock: Wynn
Entry Point: 94.20 short
Stop: 94.71
Exit Goal: 93.20
Result: plus .16.. taken out 94.04

I play a lot of 15 minute stock charts and keep to the most simple rules. I look for 15 minute Narrow range candles or candles off support or stocks that have gapped. Important to take all emotion out of trading and keep firm rules: I enter, look for 2-1 risk reward ratio - trade in direction of Gap, and I will mechanically trail my stop with the High or Low of the last candle until either my stop is hit or goal is reached. I will not play then more than 2 at a time.



* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

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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