Tuesday, October 14, 2008

Gap Fade Short - QQQQ

5 minute chart

(Double Click Picture for a Larger View)

Stock: QQQQ 5 minute chart
Entry Bar: 2
Entry Green Line: 35.69
Stop Red Line: 36.01
Result: .69 to 1.80
Setup Grade
: B+
Notes: Way overbought, moved stop to whole # to get more of a risk/reward. Scale out hold some all day or move stop down with support/resistance levels.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.







4 comments:

Anonymous said...

Hi there,

Been following you for some time now. It seems that you are doing good an I'm intrested in learning more about daytrading. Registered for many sites, non of them were great in teaching. Do you think that by reading your bus plan I will be able to utilize it in my trading. Is it simple to understand and is it viable also for this kind of market? Last question, do you do these trades live somewhere so I can see how you chose the setup you are interested in and to follow your method live? Thanks in advance for your answer.

Best Regards,

EK

Unknown said...

My business plan outlines what I show on my blog. My setups are simple and to the point but you must be patient. I only make 1-3 trades a day, sometimes non at all. After the first 45 minutes of trading I spend my time reading a book and do a scan every 15. I follow rules, stick to my stops, and look to protect my cash.

As far as doing the trades live I would have to film them, which I have no interest doing. Maybe sometime in future for a fun experiment.

Anonymous said...

Thanks for the info. One more question, how do yuo chose on which timeframe you will trade since I see that some of the trades are on 5 minutes and some on 15 minutes.

Thanks,

EK

Unknown said...

usually 5 minute charts during the 1st 45 minutes of trading and then I look at 15/30 minute charts there after.

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