Tuesday, March 24, 2009

30 Minute Outside Range Breakout - DEO


(Double Click Picture for a Larger View)
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Stock: DEO 30 minute chart
Entry Bar: 6
Entry Green Line: 45.16
Stop Red Line: 44.98
Result: .15 to end of day
Setup Grade
: B
Notes: nice hammer at the break line, 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

4 comments:

Phoenix said...

Hi,

I have been following your blog for sometimes now in order to see what things I miss in my trading. I couldn't stop myself to ask you how to you decide which way to go I mean go short or go long ????
If Can You put your thoughts on it, would be great help for me.


Thanx in advance
Anil
anil.jupiter9 @ gmail.com

Unknown said...

I generally go long in strong markets and short in weak markets

Phoenix said...

Hi,

Thanks for quick reply.

I need more clarity on it. How do assess strength or weakness in market. I know its art more then science still.....need your thoughts on it


Anil
anil.jupiter9 @ gmail.com

Unknown said...

For myself, and everyone is different, I guage the market this way.

- If its up at the open I consider going long, If its down at the open I consider going short.

- As the day goes on I look to see if the market is up or down. If its been mixed or near its previous day close I look at the trend of the last half hour or so.

I try and keep it simple. More or less I only trade stocks strong on the day for longs and the opposite for shorts.

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