Sunday, August 20, 2017

30 Minute Candlestick Trades: THC and EL

Trade:THC Long off 30 minute red counter trend bar. Stock gaping up after multi week down trend. The high volume showing those  who were short getting squeezed which helps push TCH higher on the day.

Entered off Bar #: 3


Trade: EL, Strong gap up after a bearish day catching the shorts. Volume was strong and small winner.

Entered off Bar #: 5


MARKET DIRECTION 

SPY 15 minute 5,10, and 20sma: slightly up
SPY 15 minute 200 SMA: down

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