Monday, May 29, 2017

30 Minute Narrow Range Candlestick: ALV

Trade: .ALV, from last week, 30 minute Narrow range bar off the 30 minute outside range support. Not perfect but liked the breakout and strong first green candle.

Entered off Bar #: 7


MARKET DIRECTION 

SPY 15 minute 5,10, and 20sma: Mixed/Choppy
SPY 15 minute 200 SMA: UP

TRADING PLANS 




* The market direction refers to when the trade was entered. Up is all three SMA trending Up, down is all three are trending Down, Mix is mixed or choppy market to then refer to 200SMA for preferred market direction)

* 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