Sunday, April 16, 2017

30 Minute Candlestick Trades: TOL and X

Here are two 30 minute trades from last week that show how I manage a trade once I hit 1R and how I will still keep candidates from the prior day on my tracking list.
 
First is TOL - entered the 8th candle (30 minute charts on the right) and came within .03 of my exit and sold off. Once a trades hit's 1R I will not let the trade turn into a loss and will use a 15 or 5 minute chart to trail up my stop to lock in gains. Chart on the left is a 5 minute chart and shows where I got stopped out for a 1.25R gain. (goal was for a 2R gain)

Second chart is X. Was on my radar Tuesday but found no entry that fit my criteria. Since it was the first day of the strong selloff I was looking for continuation the next day. Next day I got a narrow range bar on the 3rd bar and from there the stock just took a dump the rest of the day. 






* 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