Quick review of this morning trades.
- mu - pre-market high, again today for a nice win , I take quick exits with these of .20 and a .10 stop.
- vrx - didn't take but nice break of pre-market high
- HAIN - small winner but should of passed on the trade. Was at the Low of the day, 15 minute low, and set up a nice break at the whole number. Goal was .20 with a .10 stop..missed by .02 then retraced. Staying more selective in my setups and this includes taking breakouts at highs and lows that are also over the pre-market trading range - this was not as you seeing the rising pre-market trading.
- HTZ - this setup nicely but didn't get filled when it broke down and ran - this is a nice 15 minute breakdown - touched the low 3 times and broke - another option is entering half early and 2nd half at the break to ensure you get some if runs to quickly.
- Tip/Reminder of the day - the more times a Support or resistance area is touched the greater the chance it breaks for a breakout/breakdown
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.