Quick review of the 4 stocks I was monitoring this AM off the gap list. Took 3 trades - lately the winners have been on momentum breaks - today gap fade winners. Take your quick profits and stick to your stops - once the trade goes your way tighten your stop and protect your downside.
- adsk: took 5 minute high, just missed 1st scale out spot and then moved stop to under entry price for small loss
- momo: took short on gap fade on the strong down red candle #3 for a winner
- dltr: was stalking this setup and if candle 5 closed a little lower would have taken the short - cant catch them all
- anf: the pink lines shows the resistance - got the 2 tails and then close below - took the gap fade short, sold half then stopped at even for a winner.
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* 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.