Monday, February 2, 2009

Gap and go Short - X

5 minute chart entry


2 minute chart stop

(Double Click Picture for a Larger View)

.Stock: X 5 minute chart
Entry Bar: 2
Entry Green Line:28.58
Stop Red Line: 29.03 (used 2 minute chart for stop)
Result: .38 to .85
Setup Grade
: B+
Notes: On very large stops I like to scale down to a 2 minute chart to find a better stop placement and buy more shares. This takes practice and takes on more risk. I used the 2 minute as a stop because it was also above a whole number. Scale as you go.

* 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.

Learn to trade gaps

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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